Russia to further facilitate China's investment
Updated: 2011-09-13 17:30
IRKUTSK, Russia - Russia is considering establishing a specialized institution to facilitate China's investment in the country, Russia's Regional Development Minister Victor Basargin says.
The institution, to be set up by the Regional Development Ministry, will help Chinese investors deal with various questions and difficulties in project planning and implementation, Basargin told Xinhua on Monday after a meeting on China-Russia cross-border cooperation, held on the sidelines of the seventh Baikal International Economic Forum here.
At the meeting, Chinese delegates discussed with their Russian counterparts mechanisms for supporting and financing investment projects in border areas. Representatives from China's privately-owned enterprises expressed their strong desires and worries about making investments in Russia, as they are not familiar with the investment environment and the relevant policy there.
In response to the question, Basargin said Russia should set up a mechanism to provide specialized services to all reliable Chinese investors.
"Such an institution, once launched, would act as an intermediary and an information exchange channel. It will for sure enhance investor confidence and promote the working efficiency of both sides," said the official.
Russia and China have achieved progress in some joint projects under the Outline of Regional Cooperation between Northeast China and the Russian Far East Area and Eastern Siberia, which was signed by leaders of the two countries in 2009. But obstacles remain in the implementation of some major projects, Basargin noted.
Therefore, both countries are now seeking ways to promote mutual trust and improve coordination mechanisms, as China plans to set up a joint fund with Russia for inter-regional mutual investment, while Russia has launched its Direct Investment Fund with the aim to attract more Chinese capital, said the minister.
He believed the specialized institution would create more favorable conditions for mutual investment.
The seventh Baikal Economic Forum, an annual international event devoted to economic development of the Far East, Siberia and Russia as a whole, opened in Irkutsk on Monday. The dialogue on Russia-China investment and cooperation, held in parallel with the forum, is regarded as a key event for participants.
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