Russian and Chinese business leaders discuss new joint investment projects
Moscow, October 16, 2020 – Representatives of leading Russian and Chinese companies discussed the development of cooperation in the field of bilateral trade and economic investments between Russia and China at today’s annual meeting of the Russian-Chinese Business Advisory Committee (hereinafter ‘the Committee’), which was established by the Russian Direct Investment Fund (RDIF) and the China Investment Corporation (CIC).
The meeting took place in a video-conference format due to the ongoing COVID-19 pandemic.
The Committee provides a platform for collaboration between Russian and Chinese business leaders as part of the Intergovernmental Russian-Chinese Commission for Investment Cooperation (‘the Commission’). It aims to make an important contribution to the development of business relations between companies from the two countries by supporting the implementation of investment projects in various sectors.
During the meeting, leading Russian and Chinese entrepreneurs discussed joint projects in pharmaceuticals and advanced technology, and unveiled new investment funds aimed at financing bilateral projects, including those in the Commission framework. The participants were also focused on joint efforts to fight against coronavirus .
To date, the Commission and the Committee are considering 70 projects with a total value of over $110bn. Following the meeting of the Committee, the Russian participants suggested inclusion of the production of the Russian Sputnik V vaccine (the world's first registered vaccine against coronavirus) led by Alium Pharmaceutical Holding, in the list of priority projects discussed by the Commission.
The Committee is coordinated by RDIF and CIC, the respective sovereign wealth funds of Russia and China. In October 2011, RDIF and CIC established the Russia-China Investment Fund (RCIF) to stimulate bilateral investment and seek sustainable financial returns for investors with a reasonable risk profile. RCIF, alongside RDIF and CIC, plays a leading role in organizing and conducting the Committee’s activities, acting as an advisor on the identification and evaluation of projects, as well as arranging cooperation within the business community.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund, commented:
“Investments and commercial and economic interactions between Russian and Chinese companies continue to develop, despite the pandemic. The help of our Chinese partners made it possible to develop an effective strategy for the prevention of coronavirus in Russia over such a short timescale. Cooperation between the business communities of the Russian Federation and the People’s Republic of China covers virtually all key sectors of the economy, and we are confident these ties will continue to be actively developed in the future.
Currently, our joint efforts are focused on winning the battle against coronavirus. In this regard, it was proposed to include the production of the Russian Sputnik V vaccine - the world's first registered vaccine against coronavirus – led by Alium Pharmaceutical Holding, in the list of priority projects of the Intergovernmental Commission, following the meeting of the Committee.
We express our gratitude to our Chinese colleagues for their constant attention and hard work on the Committee, and we look forward to advancing our mutual investment exchange further.”
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. Currently, RDIF has experience of the successful joint implementation of more than 80 projects with foreign partners totaling more than RUB1.9 tn and covering 95% of the regions of the Russian Federation. RDIF portfolio companies employ more than 800,000 people and generate revenues which equate to more than 6% of Russia’s GDP. RDIF has established joint strategic partnerships with leading international co-investors from more than 18 countries that total more than $40 bn. Further information can be found at www.rdif.ru
Russia-China Investment Fund (RCIF) is a joint fund aimed at the development of bilateral economic, trade and investment relations between Russia and China. Further information can be found at www.rcif.com
China Investment Corporation (CIC) was founded in 2007 as China’s sovereign wealth fund with a mandate to diversify China’s foreign exchange holdings and seek maximum returns for its shareholder within acceptable risk tolerance. As a long-term financial investor, CIC invests on a commercial basis. Further information can be found at www.china-inv.cn
For additional information contact:
Arseniy Palagin Andrew Leach / Maria Shiryaevskaya
Russian Direct Investment Fund Hudson Sandler
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