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)
