Economy

Chinese investment in Russia to rise $10b by 2020: report

(Xinhua)
Updated: 2010-06-02 09:16

MOSCOW: Chinese investment to Russian economy will rise from the current $2 billion to $12 billion by 2020, Russia's RBC news agency reported on Tuesday, citing the figures released by Russian Ministry for Economic Development.

According to the ministry, Russia would?allow?Chinese investors to participate in 16 regional projects in central Russia and Siberia. For that purpose, the ministry would organize trips for?Chinese businessmen to these regions.

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The prospective investors should present their business plans to the ministry first, and after the proposals are studied, the ministry will invite three major Chinese banks to finance the projects, RBC said.

The ministry said Chinese entrepreneurs are mostly interested in the raw material extraction and processing in Russia.

In turn, Chinese investors expressed their concerns over the process of receiving Russian work permits and license, the agency reported.