Eastern Economic Forum: a turning point in Russia-India cooperation

India's Prime Minister Narendra Modi's Russia visit was one of the bright events at the Eastern Economic Forum (EEF). "EEF results have satisfied both sides. EEF has become a turning point in Russia-India cooperation," RISS expert Vyacheslav Usov said.

According to the expert, the economic part of N.Modi's visit to Russia would have a significant impact on Russia-India relations. Forum participants reached agreements in many fields; defence, energy, and transport sector.

In defence sector, Russian and Indian leaders are not talking just about the supply of finished products, but about close technological cooperation. RISS expert recalled that India could be called a military superpower importing most of the weapons. Also, the leaders of India and Russia have signed at least four agreements in the field of oil, gas, and liquefied natural gas supplies. As for the transport sector, the decision to open a sea route between Vladivostok and Chennai is fundamentally important for New Delhi. V.Usov explained that for India this was a response to China’s Belt and Road Initiative.

"India is interested in the Russian Far East a lot. Since 2001, Indian companies in Sakhalin own 10% of the shares of the Sakhalin-1 oil and gas field. It is not only about the India's contribution to the development of Russian natural resources. This is a mutually beneficial cooperation: in 2017 Rosneft acquired an oil refining complex in Gujarat. Now it is also possible to create joint woodworking project. Indian Tata Power looks to develop coal deposit in Kamchatka. Russia and India have very large-scale plans for bilateral cooperation," the analyst concluded.

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