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Spotlight: Chinese businesses actively participate in development of Russia's Far East

Xinhua, December 16, 2016 Adjust font size:

Russia's development strategy for its Far East in recent years has yielded opportunities for local cooperation with China and for investment from Chinese enterprises.

The deepened China-Russia political ties and mutually complementary markets, among other factors, have also contributed to a broad prospect for win-win cooperation between the border regions of the two neighbors.

This is believed to be the consideration that has led to a recent visit here by a Chinese business delegation, along with massive investment and cooperation projects.

PRAGMATIC TRIP

The delegation included representatives from more than 10 big Chinese corporations, including the state-owned food giant COFCO.

Notably, entrepreneurs from both northeast China and the southern Chinese city of Shenzhen took part in the trip to Russia's Primorsky Territory.

They aimed to expand local cooperation with China's northeastern provinces, and to introduce the new concept in administrative regulation of the Shenzhen special economic zone, said He Zhenwei, secretary-general of the China Overseas Development Association, which co-sponsored the trip.

Primorsky officials discussed investment projects with and briefed the delegation on local preferential policies for foreign investors in Russia's Advanced Development Territories, among others.

Yuri Trutnev, Russia's deputy prime minister and presidential envoy to the Far Eastern Federal District, said the massive arrival of major Chinese businessmen with specific projects is a good sign for local economic development.

"We have already come to the point where discussions have been completed and projects found to satisfy both sides. In the future we expect to start the practical implementation of these projects," Primorsky Vice Governor Evgeny Polyansky told Xinhua.

PROMISING OUTLOOK

According to COFCO Vice President Chi Jingtao, the company is ready to open a branch in the Far Eastern port city of Vladivostok.

Its investment will be focused on a farm produce and food processing plant, which is expected to supply products for the Russian, Chinese and international markets.

Developing high-end tourism and commercial real estate at the cultural and tourist attractions of Russia's Far East is the other major part of the company's investment plan.

The development of the Slavyanka port is expected to be a major project for Lukang Fazhan, a construction company of ports and roads based in Changchun, capital of China's northeastern province of Jilin.

The company's long-term goal is to build a China-Russia intermodal logistics center in the port area, on the shipment route of goods from South China to Central Europe.

Guo Wei, a Chinese finance corporation, plans to build an exhibition center in Vladivostok to host the annual Eastern Economic Forum, while contributing to the development of a local tourist complex.

For the seafood company Venlian from Dalian, in China's Liaoning Province, it is part of a business plan to invest in a seafood processing plant and a refrigeration and logistics center in Primorsky, providing high-quality seafood products to Chinese markets.

NEW COOPERATION MODEL

With the establishment of a comprehensive strategic partnership of coordination between China and Russia, bilateral political exchanges and cooperation have reached a high level.

In the field of trade and economic cooperation, the two countries have planned to increase trade turnover to 200 billion U.S. dollars by 2020.

According to He, the first investment of a China-Russia fund for regional development in the amount of 10 billion yuan (1.43 billion dollars) will be sent to Russia's Far East to attract Chinese enterprises and stimulate the construction of a free trade zone in the region.

In the meantime, for the realization of large joint cooperation projects, assistance will be provided during the companies' registration process, as well as for finding partners and legal advice.

"The main aim of the visit of the Chinese delegation to Russia is to explore a new model of economic and trade cooperation between China and Russia," He said. Endi