Russian and Chinese businesses have agreed to develop trade and economic cooperation as well as increased mutual investments at the Eastern Economic Forum in Vladivostok.
According to a statement from the Russian Direct Investment Fund (RDIF), the sides are considering 73 investment projects cumulatively worth more than $100 billion.
The group overseeing the potential billions in investment is the Russian-Chinese Business Advisory Committee, which includes more than 150 representatives from “leading Russian and Chinese companies.”
RDIF said that seven projects worth a total of $4.6 billion have already been implemented as a result of work of the China-Russia group.
“While strong economic growth in both countries will certainly produce many domestic opportunities for profitable investments, we believe particularly promising transactions will be found in bilateral deals that capitalize on the Russia-China relationship,” the CEO of RDIF, Kirill Dmitriev, said.
The Russia-China Investment Fund (RCIF), China Investment Corporation, and Tus-Holdings (one of China’s leading innovation companies) also announced on Tuesday the launch of the Russia-China Venture Fund (RCVF).
The RCIF was established in 2012 by China’s state-owned China Investment Corporation and RDIF to focus on projects that foster economic cooperation between Moscow and Beijing.
“The fund has already studied more than 100 potential projects, of which it is currently considering five in detail – in such areas as new materials, information protection technologies, virtual reality, the development of new generation industrial equipment, innovative oilfield services,” said RDIF, adding that the fund plans to announce the first deal by the end of the year. The sides are also considering setting up a Sino-Russian tech innovation park with more than $100 million in investment.