Russian and Chinese entrepreneurs are optimistic about prospects for cooperation - survey
Press release, 12.04.2017
Moscow, 12 April 2017 – Russian companies consider China to be an attractive market for their business, according to a joint survey by EY and the Russia-China Investment Fund (RCIF), which was established by the Russian Direct Investment Fund (RDIF) and China Investment Corporation (CIC). The size of the Chinese market and the possibilities it offers for high returns on investment were named among the biggest attractions for the Russian companies participating in the survey.
A similar view of the Russian market was shared by the Chinese businessmen polled as part of the survey. More specifically, 73% of the Chinese respondents said they would consider business development opportunities in Russia. According to the survey, 92% of the respondents who are already present in Russia are optimistic about the prospects of the local market.
The results were presented today during the meeting of the co-chairs of the Business Advisory Committee (Committee), which took place within the framework of the Fourth Session of the Intergovernmental Russian-Chinese Commission for Investment Cooperation.
As part the Committee, chaired by the CEO of RDIF Kirill Dmitriev from the Russian side, and the President of CIC Tu Guangshao from the Chinese side, the participants discussed the progress of the priority investment projects. To date, the Commission participants have jointly launched 73 projects worth over $100 billion, with 7 projects having already been completed.
Kirill Dmitriev, CEO of RDIF and Co-CEO of RCIF, said:
“We are very pleased that Russian and Chinese businesses are able to effectively discuss and eliminate any existing barriers to successful cooperation as part of the work of the Russian-Chinese Commission and the Committee. Within the framework of these discussions, we have not only succeeded in identifying and resolving obstacles to joint investment, but we have also facilitated the implementation of several investment projects. We look positively at the prospects for business relations between the two countries and are happy to provide all-round investment support to our Chinese partners through the Russia-China Investment Fund.”
Alexander Ivlev, Managing Partner for EY Russia, said:
“Trade and economic ties between China and Russia continue to strengthen. Effective cooperation is already under way in such sectors as oil & gas, infrastructure, e-commerce, agriculture and construction. As a result, the volume of trade between China and Russia was up 34% year-on-year in January 2017. The new level of relations between the two countries opens up new investment opportunities on the Chinese Market for Russian entrepreneurs. A survey of Russian investors operating in China shows that key advantages of doing business there include high labor productivity, low prices and readily available sources of financing. Russian entrepreneurs have concerns about cultural differences and the need to find local partners, but they nonetheless regard the Chinese market as highly attractive”.
Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund 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
Russia-China Investment Fund (RCIF) is a joint fund established by the Russian Direct Investment Fund and (CIC). The activity of RCIF is aimed at development of bilateral economic, trade and investment relations between Russia and China.
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