Indian Minister Sonowal at Eastern Economic Forum 2023

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Eastern Economic Forum 2023

Eastern Economic Forum 2023: Sarbananda Sonowal, India’s Union Minister of Ports, Shipping & Waterways and Ayush, embarked on a mission to represent India at the esteemed Eastern Economic Forum held in the Russian port city of Vladivostok. His visit involves meetings with prominent Russian officials, including Alexey Chekunkov, Minister for the Development of the Russian Far East and Arctic, and Vitaly Saveliev, Minister for Transport of Russia, with the objective of strengthening bilateral ties and promoting strategic, trade, and logistical cooperation across diverse sectors.

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Fostering Indo-Russian Relations

Minister Sonowal’s participation in the Eastern Economic Forum underscores the growing relationship between India and Russia. Under the dynamic leadership of Prime Minister Shri Narendra Modi, the historic ties between these nations have flourished, especially in the realm of trade and commerce. A significant initiative under consideration is the development of an alternative trade route linking the historic port cities of Vladivostok in Russia and Chennai in India. During his visit and discussions with Russian leaders, Minister Sonowal aims to make substantial progress in this endeavor while also enhancing strategic, trade, and logistical cooperation.

Addressing the India Russia Business Dialogue

At the Eastern Economic Forum, Minister Sonowal will address the India Russia Business Dialogue, emphasizing the pivotal role of trade, commerce, and business in fortifying the special and privileged strategic partnership between India and Russia. He will also participate in a session focused on the Eastern Maritime Corridor, exploring opportunities to further enhance bilateral relations. This includes discussions on the Northern Sea Route and the establishment of a Transshipment Hub in the Bay of Bengal.

Unlocking Trade Potential with the Eastern Maritime Corridor

The Eastern Maritime Corridor presents significant trade potential for both India and Russia by reducing cargo transit times. The journey from Indian ports to the Russian Far East takes just 24 days, compared to 30 days through the port of Novorossiysk. This corridor opens doors to new trade and cooperation opportunities, benefiting both nations.

About Eastern Economic Forum, 2023

The 8th Eastern Economic Forum 2023 is being hosted in Vladivostok from September 10 to 13, held at the Far Eastern Federal University (FEFU) campus. This forum serves as a vital international platform for strengthening connections within the Russian and global investment communities. It also offers a comprehensive evaluation of the economic potential of Russia’s Far East, investment opportunities, and business conditions within advanced special economic zones.

The Eastern Economic Forum, established in 2015 by decree of the Russian Federation’s President Vladimir Putin, plays a crucial role in supporting the economic development of Russia’s Far East and expanding international cooperation in the Asia-Pacific region.

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