BRICS, RCEP And The Belt & Road Initiative All Part Of The China-Russia Trade Hemisphere
Chinese Direct Investment Into Russia Reached US$12 Billion In 2020, Bilateral Trade To Double By 2024
The Russian Trade Representative to China, Alexey Dakhnovsky, has stated that Chinese investment in Russia exceeded US$12 billion in 2020, speaking at the Russian Chinese investment cooperation forum, which is part of the 21st China International Fair for Investment and Trade (CIFIT) in Xiamen.
He also stated that “Russia and China possess efficient mechanisms to expand investment cooperation, though it is necessary to steady this interaction considering the consequences of the coronavirus pandemic. There are efficient mechanisms aimed at attracting investment between our countries.” he said, mentioning the intergovernmental Russian-Chinese commission on investment cooperation, special investment contracts, and special economic zones were among them. Various communication platforms that integrate representatives of the state and business of different countries for the implementation of joint projects serve as important mechanisms of international investment cooperation as well, Dakhnovsky added.
Investment cooperation between the two countries formed a firm basis for development over the past 20 years. Meanwhile, Russian-Chinese investment cooperation needs to be steadied, the trade envoy noted. “Amid the consequences of the pandemic, it is necessary to steady trade and investment cooperation. Senior officials in Russia and China have discussed this. I am confident that today’s event will contribute to the future strengthening of investment cooperation between our countries and help reach the national targets of Russia’s and China’s development.” he said.
Russia and China have pledged to increase bilateral trade to US$200 billion by 2024.
Russia is participating in the CIFIT fair, one of the main investment platforms in China, for the first time. This year it is devoted to the theme ‘New international investment opportunities under the new development pattern’, where the focus is on investment projects with the BRICS countries, the Belt & Road Initiative and RCEP states – China with Australia, Japan, South Korea, New Zealand and the ten ASEAN countries.
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