Russian and Chinese business leaders discuss cooperation and new joint investments
Moscow, November 12, 2021 – Representatives of leading Russian and Chinese companies discussed the development of cooperation in bilateral trade and 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 China Investment Corporation (CIC), the respective sovereign wealth funds of Russia and China.
The Committee, being an integral part of the Intergovernmental Russian-Chinese Commission for Investment Cooperation (‘the Commission’), provides a platform for collaboration between Russian and Chinese business leaders and commercial organizations. On the Russian side, the Commission is headed by the First Deputy Prime Minister Andrey Belousov, while the Chinese side is led by Mr. Han Zheng, Vice-premier of the People’s Republic of China.
The Commission aims to make an important contribution to the development of business relations between companies from the two countries by supporting implementation of investment projects in various industries.
During the meeting of the Committee, leading Russian and Chinese entrepreneurs discussed ongoing changes in investment strategies of both countries imposed by pandemic landscape as well as joint projects in medicine, pharmaceuticals, media and advanced technology. The participants were also focused on joint efforts in the fight against coronavirus, including production and commercialization of the Russian Sputnik V vaccine in China and other markets.
Russia-China Investment Fund (RCIF), which was established by RDIF and CIC to stimulate bilateral investment and seek sustainable financial returns for investors with a reasonable risk profile, 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.
To date, the Commission and the Committee are considering 70 projects with a total value of over $100 bn.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said:
“Partnership between Russia and China is developing successfully in many areas of mutual interest, including the fight against the pandemic. Since the last meeting of the Committee, a number of agreements have been concluded to start production of the Sputnik V vaccine in cooperation with the leading Chinese pharmaceutical companies, making the country one of the leading production hubs for the Russian vaccine.
In addition to medicine and pharmaceuticals, there is also good progress in other key focus areas of cooperation between our business communities, and we are striving to create new investment opportunities for the good of our countries in the future.”
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 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
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