ALEXANDER GALUSHKA: NEW RUSSIAN FAR EAST DEVELOPMENT MECHANISMS BRING IN RUB 163 BILLION IN CHINESE INVESTMENT
05 July 2016
Cooperation between Russia and China emerged as a key topic during discussions between the Minister for the Development of the Russian Far East and participants in a Russian–Chinese media tour, according to a press release from the Ministry for the Development of the Russian Far East.
Thanks to advanced special economic zones, the Vladivostok Free Port, investment support from the Far East Development Fund and targeted infrastructural support for investment projects, investments in the region have reached RUB 1.107 trillion, of which RUB 163 billion has come from China.
“Chinese investors have become involved in advanced special economic zones for the first time. In the Belogorsk ASEZ in Amur a clinker brick plant has already been opened, and an oil refinery is also planned. Chinese businessmen are implementing their plans in the Kangalassy ASEZ in the Sakha Republic, the Nadezhdinskaya ASEZ in Primorsky Territory, and Vladivostok Free Port. The Chinese are anchor investors in the new, thirteenth, Amuro-Khinganskaya ASEZ in the Jewish Automonous Region. They have invested around RUB 10 billion. “Chinese business has seen the practical benefits of working under the new mechanisms,” Minister Alexander Galushka said.
Special attention has been paid to the agricultural sector in cooperation between the two countries. The investment shortlist includes an initial ten joint agricultural projects with a value of RUB 80 billion, to be presented at the Eastern Economic Forum.