Leading Russian and Chinese companies outline prospects for bilateral relations
During the second session of the Russia-China Business Advisory Committee (the Committee), representatives from more than 60 leading Russian and Chinese companies have discussed prospects for strengthening trade-economic and investment cooperation, as well as ways to overcome the existing barriers in the development of bilateral cooperation. The outcome of the meeting was a joint statement by the Committee co-chairs – CEO of Russian Direct Investment Fund Kirill Dmitriev, and Chairman & CEO of China Investment Corporation Ding Xuedong.
In particular, the statement has highlighted the fact that the successful development of investment cooperation between Russia and China requires optimization of project financing and administrative regulation mechanisms, as well as improvement of the existing transport, logistics and industrial infrastructure facilities.
The Committee's work significantly contributes to the development of Russian-Chinese investment cooperation. From the first meeting in March 2015, the companies within the Committee completed two major manufacturing and construction investment projects with a total value exceeding $ 1.7 billion. The parties have also recorded significant progress on another 46 projects totaling more than $80 billion, including areas such as mining, manufacturing, forestry and infrastructure.
It was agreed that the next meeting of the Committee would be held in 2017 in China.
The Committee is the business counterpart of the Intergovernmental Russia-China Commission for Investment, chaired by the First Deputy Chairman of the Russian Government I.I. Shuvalov on the Russian side, and Vice Premier Zhang Gaoli on the Chinese side. It substantially contributes to the development of business relations between Russian and Chinese companies, and is a rigorous vehicle to support and promote bilateral investment projects.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF) and Co-CEO of the Russia-China Investment Fund (RCIF), noted:
“The Russia-China Business Advisory Committee has proved to be an efficient tool for maintaining a constructive dialogue between representatives of our countries' businesses and unlocking practical opportunities to implement a number of promising investment projects. We are pleased that the committee meetings are attracting more and more entrepreneurs from the two countries. This demonstrates the mutual interests and the significant potential of the Russian-Chinese investment cooperation. We are always open to the dialogue with our Chinese partners and would like to invite them to visit Russia once again as part of St. Petersburg International Economic Forum which is scheduled for 1-3 June 2017.”