An international forum held annually in Russia to encourage foreign investment in the Far East region of the country, the Eastern Economic Forum (EEF), takes place in Vladivostok every year. It serves as a platform where member countries discuss several business issues related to regional integration, world economy, and global challenges involving Russia and other nations.
History of the Eastern Economic Forum (EEF)
The Eastern Economic Forum (EEF) was created in 2015 by Vladimir Putin, the decree of the President of the Russian Federation.
Over the years, the forum has become a significant international platform for discussing strategies to develop Russia's economic, political, and cultural relationships with Asia Pacific countries. It remains a key business event for Russia as it focuses on the development of the Far East and its role in the global economy.
Eastern Economic Forum (EEF) - Key Facts
The discussion is held between partner countries from the Asia-Pacific region and the key organization of Southeast Asian countries, ASEAN. The forum has since grown in prominence and remains quite influential in shaping policies in the region.
In 2021, the sixth edition of the Eastern Economic Forum (EEF) was held where the Indian Prime Minister, through video conferencing, talked about the significance of the country's relationship with Russia and areas of cooperation.
He appreciated the President's vision for the Russian Far East development and reiterated India's engagement in this respect as a part of the East Asia Policy.' Narendra Modi was also invited as a chief guest for the fifth Eastern Economic Forum (EEF) back in 2019.
Eastern Economic Forum [EEF] - Growing Role & Significance
The sixth Eastern Economic Forum (EEF) in 2021 stressed the importance of interaction between businesses and the state and showed how such interaction would look in the Covid situation. Moreover, the forum also highlighted how different governments worked towards resolving internal problems and how political conflicts can be dealt with.
In short, it stressed that isolating itself from external affairs was no longer a choice but a need. Far East Russia makes up about one-third of the nation's total territory and is rich in marine and mineral resources.
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What does India stand To Gain?
The Far East is home to petroleum resources that India is interested in. India has plans to develop a connection between Vladivostok and the port in Chennai to have an alternate water route available to both countries.
This route has become quite important after the 2021 Suez Canal blockage. It will also benefit Russia as India's presence may reduce China's influence in the region.
FAQs on Eastern Economic Forum [EEF]
Q1) Who sponsors the Eastern Economic Forum (EEF)?
The organizational committee formed by Roscongress, an association of the Russian government, sponsors the Eastern Economic Forum (EEF).
Q2) Who formed the Eastern Economic Forum (EEF)?
The Eastern Economic Forum (EEF) was established in 2015 by the decree of the President of the Russian Federation.
Q3) What is the Far East region, with regards to Eastern Economic Forum (EEF)?
The Russian Far East is the easternmost region of Russia and is administered as a part of the Far Eastern Federal District. This region remains an integral aspect of the Eastern Economic Forum (EEF).
Q4) Where was the 6th Eastern Economic Forum held?
The sixth Eastern Economic Forum (EEF) was held in September 2021 in Vladivostok in, Russia.
Q5) Why does the Eastern Economic Forum (EEF) matter to India?
Participation in the Eastern Economic Forum (EEF) helps bolster India's image as a powerful player in the region, with influence in economic and political matters.