The Russian Ministry of Economic Development claims that Russia and China are supposed to direct this amount “in the sphere of new energy.”
Russia and China have agreed to allocate $1.3 billion for new common projects. This was stated by the Ministry of Economic Development of the Russian Federation, according to the Russian edition of Kommersant on Tuesday, November 8.
The Russian department says that the parties agreed on the allocation of this amount at a meeting of the intergovernmental commission on investment cooperation. The ministry also assured that “all investment projects are proposed by Russia.”
Lin Nianxiu, vice chairman of the State Committee for Development and Reform of the People’s Republic of China, said that Russian-Chinese investment cooperation is increasing, “despite the negative impact of the pandemic and the difficult international situation.”
He also added that “in the first eight months of 2022, China’s investment in Russia reached $450 million, an increase of 150% compared to the same period last year.”
The parties also signed a memorandum on further strengthening investment cooperation.
The Russian ministry says the parties plan to carry out work “in the areas of new energy, high-tech sectors of the economy and in the field of infrastructure development.”
As previously reported, China is buying gas from the Russian Federation at half the price and selling it at a higher price to Europe. However, in October, Beijing abandoned this exercise to calmly go through the warm-up period.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.