Sarbananda Sonowal to participate in Eastern Economic Forum in Russia

New Delhi: Union Minister for Ports, Shipping & Waterways Sarbananda Sonowal will take part in the 8th Economic Forum meeting being held in Russia’s far eastern city of Vladivostok this week. The forum’s meeting started on September 10 and will go on until September 13. Russia’s President Vladimir Putin will also be present.

Sonowal to discuss Vladivostok-Chennai trade route during Russia visit

Sonowal, who left for Moscow on Monday morning, said, “It is indeed a matter of great honor and responsibility that I was provided with the opportunity to lead our great country at the prestigious Eastern Economic Forum… The historic ties between India and Russia have reached a new height as we strengthen our trade and commerce. Given 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 have a dialogue with the Minister for the Development of the Russian Far East and Arctic, Alexey Chekunkov, Minister for Transport of Russia Vitaly Saveliev, among others, to maintain strong ties and foster strategic, trade and logistical cooperation across various sectors, a statement released by the Ministry of Ports, Shipping and Waterways said.

Sonowal to address India-Russia business dialogue

Sonowal will address India-Russia business dialogue and will highlight the pivotal role of trade, commerce and business in fostering stability and sustainability within the special and privileged strategic partnership between India and Russia.

He will be speaking on the Eastern Maritime Corridor which is aimed at reducing the cargo transit time between the nations. The journey from Indian ports to the Russian Far East takes 24 days as compared to 30 days through the port of Novorossiysk. This corridor holds immense potential to unlock new opportunities for trade and cooperation between the nations.

 He will also be 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.

Eastern Economic Forum

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 Forum was established by a decree of President Vladimir Putin in 2015 to support the economic development of Russia’s Far East and to expand international cooperation in the Asia-Pacific region.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)