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Eastern Economic Forum 2022

Recently, Prime Minister delivered a video address at Eastern Economic Forum 2022 being held in Russia’s Vladivostok...

Table of Content

Why in the News?

Recently, Prime Minister delivered a video address at Eastern Economic Forum 2022 being held in Russia’s Vladivostok.

  • The theme for this year’s forum is “The Path to a Multipolar World”.

Key Points:

About Eastern Economic Forum (EEF)

  •  2015: The Eastern Economic Forum was established by a decree of the President of the Russian Federation, Vladimir Putin.
  • The EEF is an international platform aiming to foster communication and cooperation between members of the business community, political figures, experts, and journalists from Russia and the Asia-Pacific region.
  • It aims to support the economic development of Russia’s Far East, and to expand international cooperation in the Asia-Pacific region.

Russia’s Far East Region:

  • The Russian Far East stretches from Lake Baikal to the Pacific Ocean and comprises roughly a third of Russia’s territory. 
  • Despite being rich in natural resources, it is an economically underdeveloped region.

India’s Engagement with the region:

  • Although India participated in EEF in 2019 for the first time, it is not new to the Russian Far East.
  • Primarily, an area of special interest for India is the exploration of hydrocarbon reserves along the coast of Russia’s the Far East.
  • In 2001 India’s Oil and Natural Gas Corporation acquired a 20 per cent stake in the Sakhalin reserves.
  • India and Russia are also looking to open a maritime route linking Vladivostok with Chennai.
    • The Vladivostok route will provide India with an alternative to the Suez Route on which it currently depends for trade with Europe.

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