The Eastern Economic Forum is being held at the Russian port city of Vladivostok, and the Union Minister of Ports Sarbananda Sonowal has gone for Russia to represent India there.
The Minister is scheduled to meet Alexey Chekunkov, Minister for the Development of the Russian Far East and Arctic; Vitaly Saveliev, Minister for Transport of Russia among others with an objective to maintain strong ties and foster strategic, trade and logistical cooperation across various sectors.
Speaking on the occasion, the Minister said, “It is indeed a matter of great honour and responsibility that I was provided with the opportunity to lead our great country at the prestigious Eastern Economic Forum. Under the dynamic leadership of PM Modi, the historic ties between India and Russia have reached a new height as we strengthen our trade and commerce. In view of this renewed vigour in the Indo-Russian relationship, we have been working together to develop an alternative trade route between the historic port cities of Vladivostok in Russia and Chennai in India. I believe during my visit and meetings with the leadership of Russia, we will be able to make progress in this important venture apart from fostering strategic, trade and logistical cooperation between the two countries.”
Sonowal will be addressing the India-Russia Business Dialogue at the Eastern Economic Forum where he will be highlighting the pivotal role of trade, commerce, and business in fostering stability and sustainability within the special and privileged strategic partnership between India and Russia. India’s Shipping Minister will also be speaking at the session on the Eastern Maritime Corridor, while also meeting senior ministers of the Russian Federation on possibilities to further strengthen the bilateral relation between the two countries, including exploring possibilities of the Northern Sea Route and establishing a Trans Shipment Hub in the Bay of Bengal.
Sonowal will also address stakeholders’ meet for the ‘Eastern Maritime Corridor’ to operationalise the Chennai-Vladivostok route as an alternative trade route
The Eastern Maritime Corridor is aimed at reducing cargo transit times between our nations. The journey from Indian ports to the Russian Far East takes just 24 days, compared to 30 days through the port of Novorossiysk. This corridor holds immense potential to unlock new opportunities for trade and cooperation for both India and Russia.
About Eastern Economic Forum, 2023: The 8th Eastern Economic Forum 2023 is taking place on 10–13 September 2023 in Vladivostok on the Far Eastern Federal University (FEFU) campus. The Eastern Economic Forum is a key international platform for establishing and strengthening ties within the Russian and global investment communities, and for comprehensive expert evaluation of the economic potential of the Russian Far East, the investment opportunities it offers, and business conditions within advanced special economic zones.
The Eastern Economic Forum was established by decree of the President of the Russian Federation Vladimir Putin in 2015 to support the economic development of Russia’s Far East and to expand international cooperation in the Asia-Pacific region.