RDIF, RCIF and Guangdong Province to create $1 bn investment fund for GBA
The Russian Direct Investment Fund (RDIF), the Russian-Chinese Investment Fund (RCIF, established by the RDIF and China Investment Corporation), and Guangdong Utrust Investment Holdings have agreed on key conditions for establishing the Russia-China Greater Bay Area Fund with $1 bn of target capital, RDIF said in a statement.
The agreement was signed today by RDIF, RCIF and Guangdong Utrust Investment Holdings on the grounds of the 6th meeting of the Intergovernmental Russian-Chinese Commission for Investment Cooperation in Beijing.
According to the statement, Guangdong is China’s largest province in terms of GDP and the most important region in respect of trade cooperation with Russia. "The joint fund will support further development of the strategic cooperation between Russia and the region and will facilitate the evolvement of the Greater Bay Area initiative The Greater Bay Area comprised of the two Special Administrative Regions of Hong Kong and Macao and nine municipalities in Guangdong province. The objectives of the initiative are to further deepen cooperation amongst Guangdong, Hong Kong and Macao, facilitate in-depth integration within the region and promote coordinated regional economic development," the statement said.
"Guangdong is one of China’s leading provinces in terms of economic performance and this fund creates great opportunities for Russian companies. The joint investment fund will support the development of bilateral relations and the entry of Russian companies into the Chinese market across the Greater Bay Area, unlocking the region’s potential to Russian products and technologies. Cooperation between RDIF, RCIF and Guangdong Utrust is developing steadily, and I am confident that we are moving in the right direction towards large-scale joint projects that will serve to further strengthen the partnership between Russia and China," CEO of RDIF and Co-CEO of RCIF Kirill Dmitriev said.
"The Russia-China Greater Bay Area Fund will play an important role in the overall context of developing bilateral cooperation between Russia and China. We recognize the growing interest of Russian business in China and vice versa. The Greater Bay Area Fund will become an additional and effective tool to support their entry into one of the largest markets in Asia as well as to facilitate Chinese enterprises to collaborate with Russian partners for opportunities in Russia," Co-CEO of RCIF Hu Bing commented on the announcement.