Putin Calls for Boosting Russia-ASEAN Investment Cooperation

© Sputnik / Michael Klimentyev / Go to the mediabankDirect Line with Vladimir Putin
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President Vladimir Putin called for solutions to boost the level of investment cooperation between Russia and ASEAN.

SOCHI (Sputnik) — The level of investment cooperation and trade between Russia and the Association of Southeast Asian Nations (ASEAN) is failing to meet its existing potential, Russian President Vladimir Putin said Friday at the Russia-ASEAN summit in Sochi.

"The current level of investment cooperation does not meet the existing potential. Total investment capital amounts to $11 billion, so it is important to work together to come up with the solutions to improve this situation, to identify a forward vector of [bilateral] business cooperation," Putin said.

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The Russian president added that trade between Russia and ASEAN is "fairly modest" compared to China-ASEAN and China-Russia trade levels, each of which amounts to around $40 billion.

On May 19-20, the Russian resort city of Sochi hosts the Russia-ASEAN summit, marking the 20th anniversary of Russia-ASEAN partnership. ASEAN comprises Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei, Cambodia, Laos, Myanmar and Vietnam.

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