Russia and China at the SCO summit agreed to implement three joint projects

During the visit of Russian President Vladimir Putin to the summit of the Shanghai Cooperation Organization (SCO), the Russian Direct Investment Fund (RDIF) and one of the largest construction corporations in China, China Railway Real Estate Group, agreed to partner in a project related to the construction of a Chinese-Russian trade, economic and cultural center. This was announced by the RDIF on September 1.

According to the fund, the project provides for the construction of a complex in the central business district of Beijing, which is part of the Beijing Free Trade Zone. It is planned to create an innovative and industrial cluster dedicated to Sino-Russian cooperation, with an emphasis on joint market development and cross-industry integration.

This cluster is planned to house Russian chambers of commerce and industry, as well as financial institutions and leading companies operating in strategic sectors, including energy, agriculture and other fields.

"The strategic cooperation between Russia and China provides for the implementation of joint projects in a wide variety of industries. The construction of the Chinese-Russian economic, trade and cultural center will help strengthen bilateral relations by stimulating direct economic cooperation, supporting joint initiatives in priority areas and creating a long—term platform for strategic partnership and mutual development," said Kirill Dmitriev, Special Representative of the President of the Russian Federation for Cooperation with Foreign Countries and head of the Russian Direct Investment Fund.

He noted that the Russian Federation and China agreed to implement three projects at the SCO summit within the framework of cooperation. According to the special representative of the president, the center in Beijing "will actually become a point of attraction for Russian-Chinese businesses."

In addition, the parties also agreed on a partnership for the implementation of joint investment projects. It is noted that the Russian Direct Investment Fund, the National Coordination Center for International Business Cooperation (NCC) and the Sichuan Association in Russia and the CIS countries have agreed to provide comprehensive support to Russian companies entering the Chinese market, as well as Chinese companies expanding their activities in the Russian market.

As part of this initiative, the NCC and the Sichuan Association will analyze markets, help identify suppliers and consumers in both countries, and provide logistical support using their business connections and experience in bilateral relations.

During the SCO summit, the countries also agreed to partner in another project: the RDIF and the Hainan Environmental Software Park (Hainan Free Trade Port Resort Software Community Group) will cooperate to provide comprehensive support to Russian companies seeking to enter the Chinese market and scale their presence in the region.

The RDIF clarified that as part of this work, they will consider the possibility of jointly creating a modern industrial and trade cooperation center in Hainan, which will be focused on Russian companies. The project will provide Russian investors with access to professional legal, tax, and administrative services, as well as government support measures.

"Relations between Russia and China have reached an all-time high"

Main quotes from the interview of the President of Russia to the Xinhua news Agency

On the same day, an agreement was signed on cooperation between the National Media Group (NMG) and the Xinhua News Agency during Putin's visit to China. Svetlana Balanova, General Director of NMG, pointed out that the agreement would allow the holding and the agency to exchange technologies and provide internships for employees.

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