Russia's Far East expands agricultural cooperation with China
Xinhua News Agency, Vladivostok, Sept. 3 (Reporters Zhu Yushu, Wu Gang) Russia's Ministry of Far East Development and relevant Chinese enterprises signed an agreement on Sept. 3 during the first Eastern Economic Forum to establish the “Russian Far East Agro-Industrial Development Fund”, in order to expand cooperation between the Russian Far East and China in the field of agricultural production.
According to the introduction, the fund was jointly capitalized and established by Russia's Ministry of Far East Development, the China Overseas Development Association, China International Economic Cooperation and Investment Corporation, Jinggong International Group and others, to provide financial support to Chinese and Russian agricultural product producers. The partners will also establish an agro-industrial economic and trade cooperation zone, with the goal of achieving annual production of 10 million tonnes of grain and related products by 2020.
Russian Minister of Far East Development Galushka, who attended the signing ceremony, said the establishment of the fund can expand cooperation between the Far East and China in the field of agricultural production. The fund is based on the Far East's abundant grain production resources and targets Asia, the world's largest and fastest-growing grain market, helping Russia achieve sustainable development of its grain industry.
He Zhenwei, deputy secretary-general of the China Overseas Development Association, told Xinhua reporters that establishing this fund is a win-win for both China and Russia. The Russian Far East has abundant grain production resources, and through this cooperation it can gain benefits in taxation, deep agricultural processing, port development and exports; while the Chinese side can gain benefits in food security, export of agricultural production capacity and enterprises going global.
The first Eastern Economic Forum was held in Vladivostok from Sept. 3 to 5. The forum's main tasks are to strengthen ties between international investors and Russia's business community, federal and local governments, assess the economic potential of the Far East, raise the region's competitiveness and investment appeal, and recommend specific cooperation projects to investors.