PIMORYE-1 AND PRIMORYE-2 INTERNATIONAL TRANSPORT CORRIDORS TO BE DISCUSSED AT EASTERN ECONOMIC FORUM
05 July 2016
Alexander Galushka, the Russian Minister for the Development of the Russian Far East, mooted cooperation between Russia and China in implementing two international transport corridors (ITCs) at a meeting with participants of a Chinese–Russian media tour, a ministerial press release reported.
According to Galushka, work on the Primorye-1 and Primorye-2 ITC projects is being carried out in collaboration with China’s National Development and Reform Commission. According to an estimate from McKinsey, China could save more than USD 1 billion on goods transportation. Implementing the project will lead to the creation of 3,000 jobs, and the economy of Primorsky Territory could grow by 4%. Talks are ongoing on to attract Chinese investment into the ITC infrastructure.
The ministry also sees potential in projects to create cross-border infrastructure and develop the Northern Sea Route. “Investment in the Northern Sea Route and the development of its territories will come as part of a project which we are inviting our Chinese partners to participate in. It will have Russian jurisdiction and a Russian management company, but we are inviting the participation of other countries,” said the minister.
“Each project and cooperation mechanism will be outlined in practical terms at the Eastern Economic Forum. We are expecting a delegation from China, and we hope that the EEF will act serve as a major boost for Russian–Chinese trade and economic cooperation,” the minister said.