Paving new path in trade and investment cooperation, PM Modi to embark on three-day visit to Russia

New Delhi, September 2: Breaking new ground in trade and investment cooperation between both the countries in Russia’s Far East region, Prime Minister Narendra Modi will embark on a three- day visit to Vladivostok in Russia this evening to take part in the 5th Eastern Economic Forum - EEF summit. The Prime Minister will also attend the 20th annual summit between Russia and India during the visit.

 

Giving details of PM Modi’s visit, Foreign Secretary Vijay Gokhale said, a gamut of issues related to enhancing cooperation in several areas are expected to figure during Prime Minister’s bilateral talks with Russian leadership. He further said, India and Russia will chalk out a five-year road map 2020-24 to enhance cooperation in exploration and exploitation of oil and gas during the Prime Minister’s visit.

PSUs like the Coal India Limited and Steel Authority of India Limited are expected to sign Letters of Intent and MoUs with Russian entities in this regard. Several other MoUs are also expected to be signed on the occasion. Apart from firming up some agreements in several issues, the Prime Minister is expected to discuss a number of regional issues during summit talks.

The meeting between Modi and Putin which will be third this year, may facilitate to extend bilateral cooperation to new areas including oil and gas, mining, farming, railways, agriculture. India may announce investment in new oil fields in Russia and on import of LNG from Russia.

The possibility of oil and gas supply from the Arctic will also be explored during the bilateral talks. In addition, both countries will explore ways to enhance cooperation while working in multilateral organisations like Shanghai Cooperation Organisation and BRICS.

During summit talks, both PM Modi and President Putin are expected to discuss a number of key regional issues, including the Afghan peace process and situation in the Gulf region.