Daily Management Review

Joint Projects Worth Over $100 Billion Being Mulled By Russia And China


09/12/2018




Joint Projects Worth Over $100 Billion Being Mulled By Russia And China
A statement issued by Russia and China states that 73 joint investment projects which totals up to a value of more than $100 billion is being contemplated by a group of business houses and firms from Russia and China.
 
Both Russia and China are facing the ire of the United States in the form of economic and sanctions against Russia because of the Ukraine issue and trade war against China, and both the countries are attempting to gain economic stability and superiority despite those sanctions and therefore this collaboration between the two countries assumes global significance. The history of friendship and cooperation has been rocky for the two countries but the two have been attempting to achieve better ties at least publicly in the most recent years.
 
The Russian-Chinese Business Advisory Committee is the group that is overseeing the potential investment which would run into billions. This group had organized an annual meeting earlier this week on the sidelines of the Eastern Economic Forum that is taking place in Vladivostok, Russia.
 
A statement from the Russia-China Investment Fund states that this committee has more than 150 representatives from "leading Russian and Chinese companies". The Russian sovereign wealth fund the Russian Direct Investment Fund and China's state-owned China Investment Corporation set up the RCIF in 2012.
 
The group claimed in the statement that implementation of seven such joint projects that are worth a total of $4.6 billion, have already been completed because of the efforts of the China-Russia group.
 
"While strong economic growth in both countries will certainly produce many domestic opportunities for profitable investments, we believe particularly promising transactions will be found in bilateral deals that capitalize on the Russia-China relationship," Kirill Dmitriev, CEO of the Russian sovereign wealth fund, said in a statement accompanying the announcement.
 
In separate announcements, setting up of joint venture investment plans were announced by the Chinese science and tech investment group Tus-Holdings and the Russia-China Investment Fund.
 
The RCIF said in a statement that this joint investment plan would be completely focused on development of technology and will include the investment in the Russian Tushino Project Technology Park in the northwest of Moscow worth $1.28 billion.
 
The statement further added that the two groups have launched a Russia-China venture fund that has a seed capital of $100 million and they are also contemplating the building of a Sino-Russian tech innovation park that would see a possible investment of more than $100 million.
 
(Source:www.cnbc.com)






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