Number of Chinese Projects in Russia’s Far East to Double Over 2 Years

The number of Chinese investment projects in the Russian Far East will be doubled over the next two years due to the activities of the Russian center for attracting and supporting Chinese investments, Aleksander Osipov, the first deputy minister for the development of the Russian Far East, told Sputnik on Friday.

MOSCOW (Sputnik) – In July, Russia’s Far East Investment and Export Agency and China Overseas Development Association signed an agreement providing for the establishment of a collaborative center for attracting and supporting Chinese investments in the Russian Far East as early as October 1.

"The work of the center for attracting Chinese investments will lead to a significant increase in investments from China. In two years, the number of Chinese projects in the Far East will grow at least twofold," Osipov said.

According to the first deputy minister, the center should provide a comfortable service for those who have interest in investing. He noted that it is necessary that both the Russian and Chinese sides were taking suitable measures to support their projects.

"The mechanism has already been created, but we need to achieve its efficient operation in practice. And the possibilities of the Far East are such that the volume of Chinese investment can be doubled and redoubled for many years," Osipov added.

Bilateral trade between Russia’s Far East regions and China grew by 25 percent in the first four months of this year, compared with the same period of the previous year, and reached $2 billion, according to data provided by the Ministry for the Development of the Russian Far East. A total of 26 investment projects amounting to $3 billion are being implemented with the participation of Chinese companies within Russia’s Far East export-led territories and free ports.