Russian President Vladimir Putin and Indian Prime Minister Narendra Modi shake hands in Vladivostok, Russia, Sept. 4, 2019. Photo: VCG

Indian Prime Minister Narendra Modi on Thursday announced a line of credit worth one billion US dollars to the Russian Far East as an offer to further contribute to the region's development.

"This is the first ever occasion when we are providing a region-specific line of credit to a country," Modi said at a plenary session of the fifth Eastern Economic Forum (EEF) held in the far eastern city.

With long-existing close relations, India and the Russian Far East are now further strengthening the roots of their partnership, Modi said, adding that India has notable investments in the energy sector and other natural resources such as diamonds.

He said India is willing to work with Russia for the rapid and balanced development of the Far East so as to bring more opportunities for the region and foreign partners.

According to Modi, the two sides have so far signed 50 business agreements in various sectors ranging from health, education, skill development to energy, mining and timber, which is expected to lead to several billion dollars' worth of trade and investment.

Moreover, India and Russia have set ambitious targets for bilateral cooperation in all areas within the framework of their strategic partnership, he added.

Themed "The Far East -- Horizons of Development" this year, the EEF is aimed at attracting investment in the Russian Far East and promoting dialogue between enterprises, officials and experts.

Over 7,000 participants from more than 60 countries have gathered at the annual event held from Wednesday to Friday.

A total of 29 agreements are expected to be signed during the three-day event, according to a written agenda obtained by Xinhua, which serves as a media partner of the forum.