ID :
206783
Tue, 09/13/2011 - 09:36
Auther :
Shortlink :
https://oananews.org//node/206783
The shortlink copeid
Russia, China to set up bilateral agency for protection of investment
IRKUTSK, September 13 (Itar-Tass) - Russia and China hope to set up a
specialized bilateral agency for building up trustworthiness of investment
and protecting it, Weng Zhiwei, the head of the Moscow office of China
Development Bank said Tuesday on the sidelines of the 7th International
Baikal Economic Forum.
His proposal won the support of Viktor Basargin, Russia's Minister of
Regional Development.
A special conference on the patterns of supporting and
financing the priority investment projects in the Russian-Chinese
cross-border and inter-regional cooperation was organized as part of the
forum.
Discussions at the conference mostly centered on the financial
mechanisms that should be utilized for the promulgation of investment
projects.
Specifically, the sides reached agreement on setting up a Direct
Investment Fund for financing the projects related to the Program of
Cross-Border and Inter-Regional Cooperation, which the Russian and Chinese
Presidents endorsed in October 2009.
Unfortunately, the sides still have widely different aspirations as
regards the ways of using the monies accumulated in the fund.
While the Chinese businesses are showing animated interest towards the
projects oriented at the imports of mineral resources from Russia and the
development of transport corridors, the Russian side is interested in a
high-rate processing of raw materials on its own territory and exporting
the products with a big added value.
In addition, the Chinese have said they will build up investment in
the Russian economy on the condition that the Russian authorities should
create a climate that would be friendlier for joint business activities.
In the first place, this should imply a removal of excessive
bureaucratic procedures and the establishment of greater guarantees for a
return of the monies invested.
The latter is precisely the goal of the proposal on setting up an
inter-state agency that will attract and protect investments.
specialized bilateral agency for building up trustworthiness of investment
and protecting it, Weng Zhiwei, the head of the Moscow office of China
Development Bank said Tuesday on the sidelines of the 7th International
Baikal Economic Forum.
His proposal won the support of Viktor Basargin, Russia's Minister of
Regional Development.
A special conference on the patterns of supporting and
financing the priority investment projects in the Russian-Chinese
cross-border and inter-regional cooperation was organized as part of the
forum.
Discussions at the conference mostly centered on the financial
mechanisms that should be utilized for the promulgation of investment
projects.
Specifically, the sides reached agreement on setting up a Direct
Investment Fund for financing the projects related to the Program of
Cross-Border and Inter-Regional Cooperation, which the Russian and Chinese
Presidents endorsed in October 2009.
Unfortunately, the sides still have widely different aspirations as
regards the ways of using the monies accumulated in the fund.
While the Chinese businesses are showing animated interest towards the
projects oriented at the imports of mineral resources from Russia and the
development of transport corridors, the Russian side is interested in a
high-rate processing of raw materials on its own territory and exporting
the products with a big added value.
In addition, the Chinese have said they will build up investment in
the Russian economy on the condition that the Russian authorities should
create a climate that would be friendlier for joint business activities.
In the first place, this should imply a removal of excessive
bureaucratic procedures and the establishment of greater guarantees for a
return of the monies invested.
The latter is precisely the goal of the proposal on setting up an
inter-state agency that will attract and protect investments.
