24 October 2016

    At a meeting of the second Council for Cooperation between the Russian Far East and China’s Northeast in Beijing, the Minister for the Development of the Russian Far East announced that a Chinese business support centre is to be opened in the region.

    The meeting was chaired by Russian Deputy Prime Minister and Presidential Plenipotentiary Envoy to the Far Eastern Federal District Yury Trutnev and Vice Premier of the People’s Republic of China Wang Yang. Regional leaders from the Russian Far East and North-Eastern Chinese provinces took part, along with members of the business community.

    Alexander Galushka believes that new development tools being employed in the Russian Far East, such as advanced special economic zones, Vladivostok Free Port, the Far East Development Fund, and state support for investment projects have begun to show results. As of now, over 370 investment project applications have been submitted, with a total value of RUB 1.24 trillion.

    “Chinese investment accounts for 14%. Twenty-one projects are already being implemented in the Russian Far East with the involvement of Chinese business, representing total investment of more than RUB 180 billion. We are willing to create a joint Russian–Chinese platform to promote investment projects and attract new residents to the advanced special economic zones and Vladivostok Free Port. This will help to bring both the quantity and the quality of the Chinese investment to a whole new level”, said the Minister.

    The platform may be operated on the Russian side by the Far East Agency for Investment Promotion and Export Support and the Far East Development Fund.

    “All the necessary conditions for the development of economic cooperation between the Russian Far East and the North-East of the People’s Republic of China are in place. We hope to continue improving our performance in the future”, said Trutnev.

    The development of international transport corridors and cross-border infrastructure, and cooperation in the field of agriculture were also discussed at the Council meeting.