RUSSIA PLANS TO STEP UP TRADE TURNOVER WITH CHINA TO USD 200 BN BY 2020
02 June 2016
The plan calls for the trade turnover between Russia and China to reach USD 200 bn by 2020. This statement was made by Russian Minister of Foreign Affairs Sergey Lavrov at the international conference “Russia and China: Taking on New Quality of Bilateral Relations”, according to the website of the Ministry for the Development of Russian Far East.
“China is a key economic partner of Russia. High on the agenda is accomplishing the task set by the two national leaders: bringing bilateral trade volumes up to the USD 200-bn mark by 2020. The most important prerequisite for success is transition to a new model of economic cooperation that would lean on closer investment ties and higher interdependence between production chains”, said the Head of Russian Diplomacy.
The two nations vigorously expand their collaboration in the Far East. Chinese investors put their money into the projects of Free Port Vladivostok and Advanced Special Economic Zones. The Far East Development Corporation has received seven requests from Chinese entrepreneurs to work within the ASEZ and invest RUB 138.5 m, in addition to five applications for operation at Primorsky porto-franco, where the Chinese plan to invest RUB 937 m.
At present, the Sino-Russian Fund for Agro-Industrial Development (SRFAD) is reviewing 27 projects with total investments exceeding RUB 190 bn. “The Chinese side provides the market and financing. On the Russian side, companies operating in the Far East employ local workforce and suppliers for their projects. We hope this will be a good precedent for developing mutually beneficial relations with Chinese investment institutes”, noted Alexander Galushka, Minister for the Development of Russian Far East.