India, Russia are keen to realise full potential of their ties: Modi

Prime Minister Narendra Modi on Thursday said that India's economic relations with Russia have immensely improved and that the two countries were keen to realise the full potential of their ties.

Modi said that the two nations have moved on from sharing "buyer-seller" relationship and have become major investment partners.

"There was a time when India-Russia relationship was that of buyer and seller but now the situation has changed. Russia is also investing in India and India is also investing in Russia. Our political engagements are increasing. Russia is an old friend of India and both countries are moving from a buyer-seller relationship to that of investments in diamond, oil, and energy sector... Tourism (between the two countries) is also increasing," Modi.

Modi made the remarks when he was asked what can be done to achieve steady development in India-Russia relationship during the Plenary Session of 5th Eastern Economic Forum, in Vladivostok.

"Even if the World Bank says that Indo-Russia trade is at peak, I will not be satisfied. I would like to move even further. There is one thing common between me and President Putin that both of us don't stop and both of us are not satisfied (with status quo)," he said.

Acknowledging that India and Russia relations are progressing at a slow pace, Modi said that both the countries are moving forward to strengthen the economic relations.

The session was also attended by Japanese Prime Minister Shinzo Abe and Mongolian President Khaltmagiin Battulga.

While speaking at the session, Modi announced a line of credit worth USD one billion for development of Russia's Far East region saying it will give a boost to India's economic diplomacy.

Yesterday, Modi, who is on a two-day visit to Russia, held bilateral and delegation-level talks with Putin. India and Russia signed 30 memoranda of understanding to promote trade and investments, economic and investment cooperation and intergovernmental agreements on the joint production of spare parts and other items for Russian weapons and military equipment, as well as on cooperation in audiovisual co-production.

Modi and Putin spent a lot of time together while visiting the 'Zvezda' Shipbuilding Complex. In a special gesture to the Prime Minister, the Russian President also accompanied the former while exploring possible areas of cooperation in the shipbuilding sector.