The governments of Russia and China have agreed to establish a joint Russia-China Venture Fund. The fund will promote the development of economic, investment and technological cooperation between the Russian Federation and the People's Republic of China. The agreement was signed during the meeting of Russian Prime Minister Dmitry Medvedev with his Chinese counterpart Li Keqiang.
The meeting of Russian and Chinese entrepreneurs was organized by the Russian Direct Investment Fund and China Investment Corporation. The event was attended by 50 major companies from Russia and China.
During the session of the Russia-China Business Advisory Committee, the sides discussed more than 60 projects. The projects’ target size is estimated at $100 million in the sphere of manufacturing, agriculture, infrastructure and mining.
“During our work with our Chinese partners, we have seen strong interest in Russian high-tech projects. We are pleased to announce the creation of a special fund, which will unlock the investment potential in this area,” Kirill Dmitriev, Co-CEO of the Russia-China Investment Fund (RCIF), said.
The event is the second largest meeting of the Russian-Chinese businesses in 2016. Investments in local currencies were on the agenda. It is expected that the implementation of this idea could boost the number of projects in the longer term, as well as expand the scope of investment instruments in business relations between Russia and China.
