KHABAROVSK, September 4 (RIA Novosti) -Russia’s Sakha (Yakutia) Republic Investment Development Agency and Chinese investment fund Yuntszin have signed a memorandum of understanding for the joint development of investment projects and the creation of a bank and a fund, the agency’s website said.
“The company’s representatives have already visited southern Yakutia and held a number of meetings in Yakutsk. The outcome of the business trip was signing the memorandum, containing specific measures on cooperation development – the creation of a working group to develop the investment project, a common bank and a common fund,” the statement published Wednesday said.
Beijing-based Yuntszin is a significant player in the Chinese investment market. The company works with major Chinese state financial bodies, international banks and investment companies.
Chinese investors have recently shown an increased interest in Russian businesses.
According to Russian online newspaper Gazeta.ru, in August, at the behest of Russian Economic Development Minister Alexei Ulyukayev, Business Russia, a Russian nongovernmental organization, gathered a 57 Russian entrepreneurs willing to attract a total of $7.2 billion in investments from China. The largest project on the list is the $2.4 billion construction of a mining and processing company in Russia’s Tuva Republic.
In 2013, Chinese investments in Russia reached $4.08 billion and according to the Economic Development Ministry forecasts, this figure is set to increase sevenfold by 2020.