Russia's Far East Looks to Scale up Economic Cooperation with China
Liao Shumin
DATE:  Oct 31 2017
/ SOURCE:  Yicai
Russia's Far East Looks to Scale up Economic Cooperation with China Russia's Far East Looks to Scale up Economic Cooperation with China

(Yicai Global) Oct. 31 -- The Russian Far East is looking to bolster its economic ties with China and promote bilateral collaboration in transport, agricultural and investment businesses under the One Belt, One Road scheme and Eurasian Economic Community initiatives, said Chekkukov, president of the Far East and the Baikal Region Development Fund (FRDF), in an interview with China's official Xinhua news agency.

All parties must be patient with joint investment and project development given the global scale of the Belt and Road and Russia's easternmost region will take measured actions to ply cooperation with its partners, Chekkukov noted.

 With the FRDF's support, the Russian Far East government has introduced a series of major transit development projects including the Primorye 1 and Primorye 2 international transportation corridors. These new conduits can significantly reduce the distance, time and cost of exporting goods from China's northeastern provinces to the Pacific.

The Russian Far East will also actively develop its ecological agriculture sector, he said, and a large integrated farm with annual production of 65,000 tons of pork is under construction in the Mikhailov Kaya 'leapfrog development area' of the Primorye region, alongside an organic soybean deep processing base -- the first producer of isolated soy protein in Russia -- in Amur's Belogorsk leapfrog development area. The regional government hopes to dredge sales channels to China and other Asia Pacific countries to purvey these products.

Chekkukov urged the Chinese and Russian governments to continue opening domestic markets to one other, stressing that agricultural agencies in both countries should work together to supply organic produce from the Far East to Chinese consumers.

Russian companies want to up their investment in and financial cooperation with China to gain wider access to the Chinese and Asian financial markets. Investors in China and Asia can enjoy more investment opportunities and Russian companies will be able to secure the funding they greatly need for business development if securities for key Belt and Road projects in the Russian Far East are listed on Chinese exchanges, he advised.

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Keywords:   RUSSIA,The Far East And The Baikal Region Development Fund