Leading Russian and Chinese companies outline prospects for bilateral relations
Press release, 07.11.2016
St. Petersburg, 7 November 2016 – 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.”
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The Russia-China Investment Fund (RCIF) was established by the Russian Direct Investment Fund and China Investment Corporation (CIC). RCIF activity aims to promote bilateral trade, economic and investment cooperation between Russia and China. The fund received $2 billion in commitments from RDIF and CIC in equal share. Further information can be found at: www.rcif.ru
Russian Direct Investment Fund (RDIF)was established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF’s management company is based in Moscow. Further information can be found at www.rdif.ru
China Investment Corporation (CIC) - headquartered in Beijing, China Investment Corporation was founded on September 29, 2007, as a wholly state-owned company incorporated in accordance with China’s Company Law. The company was established as a vehicle to diversify China’s foreign exchange holdings and achieve higher risk-adjusted returns on its investments in the context of China’s macroeconomic requirements and further reform of its financial system. CIC invests on a commercial basis and its underlying investment objective is to seek long-term, sustainable, and high financial returns for its shareholder under an acceptable risk profile. Additional information is available at www.china-inv.cn
For additional information contact:
Russian Direct Investment Fund
Director of External Communications
Tel: +7 495 644 34 14, ext. 2141
Mobile: +7 964 726 17 73
Andrew Hayes / Yulianna Vilkos
Tel: +44 (0) 20 7796 4133