In Vladivostok, India’s Minister of Petroleum and Natural Gas will attend the 6th Eastern Economic Summit.
Why it’s making headlines
The Minister of Petroleum and Natural Gas will lead a group to Vladivostok, Russia, for the 6th Eastern Economic Forum (EEF) Summit.
The Eastern Economic Forum (EEF)
It was founded in 2015 by President Vladimir Putin’s decree. Its goal is to help Russia’s Far East prosper economically while also expanding international collaboration in the Asia-Pacific area. Every year, the conference is held in the Russian city of Vladivostok.
- Energy ties between India and Russia are strong and developing, and it is a crucial pillar of the Special and Privileged Strategic Partnership between the two countries. For Indian oil and gas businesses, Russia is the most attractive investment destination. About US$ 16 billion has been invested in Russia by Indian public sector businesses, notably in oil and gas assets such as Sakhalin-1, Vankor, and Taas-Yuryakh in the Far East.
- Russia is also the leading investor in India’s oil and gas business, and India is pushing Russian companies to invest more in India’s oil and gas sector, particularly in gas infrastructure.
- Following a bilateral Memorandum of Understanding (MoU) signed between the NITI Aayog and the Russian Federation’s Ministry of Economic Development during the 19th edition of the annual India-Russia Bilateral Summit in 2018, the India-Russia Strategic Economic Dialogue (IRSED) was founded.
- Its goal is to identify the most potential areas for bilateral commercial, economic, and investment cooperation, as well as to develop collaborative projects within national programmes.
Syllabus: GS 2 (International Relations)