NEW DELHI, Sep 12: Union Minister Sarbananda Sonowal today said that coking coal trade transport between India and Russia will start with the operationalisation of Eastern Maritime Corridor (EMC).
Sonowal is taking part in the 8th Eastern Economic Forum meeting being held in Russia’s far eastern city Vladivostok this week, where Russian President Vladimir Putin will be present, an official statement said.
The Minister was addressing a session aimed at forging possibilities on early operationalisation of EMC as an alternative trade route between Russian port city of Vladivostok and the Indian port city of Chennai.
“The operationalisation of Eastern Maritime Corridor (EMC) will usher a new era of trade relationship between India and Russia,” the Union Minister of ports, shipping and waterways said.
Sonowal also extended invitation for an Indo Russian Workshop on Eastern Maritime Corridor in Chennai, proposed to take place from October 30 to November 1.
The statement also noted that the Russian government also expressed their desire to visit the Chennai port with a large business delegation to explore opportunities and possibilities through bilateral discussion with their Indian business delegation.
The Russian delegation was represented by Sergey Mochalnikov, Deputy Minister of Energy Minister, Russian Federation and Maxim Reshetnikov, Ministry of Economic Development of Russian Federation.
It may be recalled that a Memorandum of Intent on Development of Maritime Communications between the two Ports of Vladivostok and Chennai was exchanged in the presence of Prime Minister Narendra Modi and the President Putin during Eastern Economic Forum in Vladivostok in September 2019.
Eastern Maritime Corridor is estimated to reduce the time required to transport cargo between Indian and Russian Ports of Far-East Region by up to 16 days, i.E., 24 days in comparison to over 40 days currently taken to transport goods from India to Far East Russia via Europe.
Present trade route between Mumbai in India and St Petersburg in Russia covers a distance of 8,675 nautical miles which takes approximately 35 to 40 days. The Chennai-Vladivostok sea route (EMC) will be covering a distance of about 5,600 nautical miles.
A large container ship which travels at the normal cruising speed of 20-25 knots (37-46 km/hour), will be able to cover this distance in approximately 10 to 12 days. This corridor holds immense potential to unlock new opportunities for trade and cooperation, the statement said.
Delegations from China, Laos, Mongolia and ASEAN countries are also participating in the meeting in the Russian city being held from September 10-13.
Putin will be in Vladivostok on September 11-12 to take part in the 8th Eastern Economic Forum, according to a statement issued by the Kremlin.
On September 12, the President of Russia will deliver a speech at the plenary session in which Vice President of the Lao People’s Democratic Republic Pany Yathotou will also take part, the statement said.
Putin will also hold a number of bilateral meetings with the heads of foreign delegations on the sidelines of the forum, it said.
Sources said Russia has shown interest in India’s presence at the Vladivostok port. Russia is keen to accord further momentum to the Chennai-Vladivostok maritime corridor, which could give a huge boost to maritime ties.
Vladivostok is the largest Russian port on the Pacific Ocean and it is located about 50 km from the China-Russia border.
The Eastern Economic Forum is a key international platform for establishing and strengthening ties within the Russian and global investment communities, and for comprehensive expert evaluation of the economic potential of the Russian Far East, the investment opportunities it offers, and business conditions within advanced special economic zones..
The Forum was established by a decree of the Russian president in 2015 to support the economic development of Russia’s Far East and to expand international cooperation in the Asia-Pacific region. (PTI)
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