China invests over $2.4 billion in Russian Far East
Source: www.chinamining.org Citation: Sputnik Date: July 11, 2016
Russia`s mechanisms for developing its Far East have attracted 16 billion yuan ($2.4 billion) worth of Chinese investments to the region, Russian Far East Development Minister Alexander Galushka said Tuesday.
Chinese investors have invested in a cement plant and plan investing in an oil refinery in the Amur Region`s Belogorsk ADT, as well as working in the Sakha Republic`s Kangalassy and Primorsky Territory`s Nadezhdinskaya ADTs. Chinese businesses also became cornerstone investors in the new Amuro-Khinganskaya ADT in the Jewish Autonomous Region, providing some 10 billion rubles ($157 million) in funds, according to the statement.
"Due to new Far East development mechanisms, such as Advanced Development Territories [ADT], the Vladivostok free port area, the Far East Development Fund and targeted infrastructural project support, the volume of investments that was attracted came to 1.1 trillion rubles, or around 110 million yuan. All of these mechanisms are popular with Chinese businesses. The volume of Chinese investments came to 163 billion rubles, or 16 billion yuan," Galushka was quoted as saying in a ministry statement.
Chinese investments have also gone into projects located outside of the Russian Far East`s special zones. Over seven billion rubles have been invested in a timber plant in the Berezovyi village located in the Khabarovsk territory, while a joint Russian-Chinese agroindustrial development fund has generated 10 projects worth 80 billion rubles that are ready for investment and will be presented at the Eastern Economic Forum due to be held in Vladivostok in September.
In March, the Far East Development Ministry told Sputnik that Chinese investors have injected more than $1.9 billion in Russian Far East development projects, which include an oil refiner and a logistical center, as well as a cement factory and a plant for reworking ferrous scrap metals.
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