- Font type:
On August 19, under the chairmanship of the Director of the Department of Analytical Support of Foreign Trade Activities of the Ministry of Economic Development Pavlo Snisarenko the 9-th meeting of the interagency working group of the Russian part of the Secretariat of the Intergovernmental Russian-Chinese Commission on Investment Cooperation (ICC) was held, prepared under the leadership of the first Deputy Minister of economic development of the Russian Federation M. V. Babich.
Two new large scale investment projects for inclusion in the ICC portfolio were presented at the meeting:
- Construction of a gas processing complex for processing ethane-containing gas near the village of Ust-Luga (Leningrad region)
- Creation of a Russian-Chinese insurance company.
As a result of discussions with all interested structures and departments, it was decided to discuss projects with the Chinese part of the Secretariat. For all new projects, the Ministry of Economic Development of the Russian Federation, together with the competent authorities, carefully studies the project characteristics, social and economic effects for the Russian Federation. The amount of Russian-Chinese investment in new projects may exceed 10 billion US dollars.
In total, the meeting of the working group was attended by about 80 participants, including representatives of federal and regional executive authorities, the Bank of Russia, and the state development Corporation "VEB.RF" and the Russian-Chinese investment Fund (RCIF), Russian-Chinese business from various regions of Russia.
This is the second meeting of the Working group this year. At the previous meeting on July 28, issues of including and excluding projects from the ICC portfolio were discussed. This time, the main focus was on communicating with businesses and their supervising agencies on the most pressing issues that require assistance from the ICC.
The issues addressed by the Secretariat during the meeting related both to specific operational issues and to finding a balance between Russian and Chinese regulations and commercial needs. Most companies face workforce issues, including those caused by the effects of the coronavirus epidemic.
At the meeting, the Secretariat proposed steps to solve each specific problem. The Russian Ministry of Economic Development will work out a common approach to the issues that concern the majority of Russian-Chinese companies together with the relevant departments.
The Intergovernmental Russian-Chinese Commission on Investment Cooperation was established in 2014 on the initiative of the heads of state to facilitate the implementation of investment projects in the non-energy sector; identify and eliminate barriers to the implementation of joint investment projects; for international partnership and increase the interest of Chinese companies in participating in Russian projects.
The Commission is co-chaired by first Deputy Prime Minister of the Russian Federation Alexander Belousov and first Deputy Chairman of the State Council of the People's Republic of China Han Zheng.
The functions of the Russian part of the Commission's Secretariat are assigned to the Ministry of Economic Development of Russia. The head of the Russian part of the Commission's Secretariat is first Deputy Minister of economic development of the Russian Federation M. V. Babich.