China and Russia inked eight wide-ranging cooperation agreements in Beijing on Thursday, representing a boost to bilateral investment, trade and technical cooperation.

 

The agreements, covering sectors as diverse as trade, energy, car production and infrastructure construction, were signed at the beginning of Sino-Russian Investment Promotion Week, which began in Beijing on Thursday morning.

 

Two of the eight agreements relate to joint mining exploration.

 

The other agreements include the setting up of a car assembly factory, a float-glass factory, and wood processing facilities.

 

The value of contracted investment from the Chinese side is US$800 million.

 

Addressing the opening ceremony, Vice Premier Wu Yi said China-Russia trade volume is expected to reach somewhere between US$60 billion and US$80 billion by 2010, and China's the value of total investment in Russia will reach its target of US$12 billion ahead of 2020.

 

Trade volume between the two countries was valued at US$29.1 billion in 2005. In the first nine months of this year, two-way trade volume totaled US$24.64 billion, up 18.8 percent year-on-year.

 

The Sino-Russian Investment Promotion Week will feature 13 promotional activities aimed at boosting bilateral investment.

 

According to Russian Deputy Prime Minister Alexander Zhukov, an agreement on promoting and protecting investment will be signed by the two countries during the 11th regular meeting between the two countries' premiers on Thursday afternoon

 

"The agreement aims to provide a legal foundation for expanding bilateral trade, and further facilitate two-way investment and cooperation," Zhukov said.

 

The Sino-Russian Investment Promotion Week is an important element of the "Year of Russia" in China, which is scheduled to conclude on Thursday evening.

 

Premier Wen Jiabao and Russian Prime Minister Mikhail Fradkov will attend the closing ceremony.

 

More than 200 activities were held during the "Year of Russia," which helped strengthen the traditional friendship between the two countries and push forward the China-Russia strategic partnership.

 

(Xinhua News Agency November 9, 2006)