Russia reveals major areas for cooperation with China

Sanction pressure is spurring heightened demand for industrial capacity, a business lobby says

The intense pressure placed on Russia by Western sanctions has forced the country to ramp up efforts to launch new factories and enterprises, according to Executive Director of the Russian-Chinese Business Council (CRBC) Evgeny Markin. 

“Among the most important areas for cooperation between Russia and China are traditionally trade, and joint projects in the sphere of production of new plants and enterprises,” Markin told RT on the sidelines of the seventh annual Eastern Economic Forum in Vladivostok. 

The official added that Russian companies are currently focused on creating new enterprises focused on high-value-added production.  

“Before we exported raw material, but now we have reoriented to building plants and increasing added value of this or that product,” Markin said, stressing that Russia’s partners in China are offering a helping hand with technologies. 

The CRBC, launched by Russian President Vladimir Putin and his Chinese counterpart Xi Jinping back in 2004, promotes and supports bilateral economic projects, as well as cooperation between the Russian and Chinese business communities.   

READ MORE: Sanctioned Russian bank bypasses SWIFT

The council is a practical tool for implementing agreements clinched by the neighboring states at the highest level, according to Markin. To further that aim, the CRBC runs six committees that facilitate cooperation in the spheres of agriculture, energy, finance and investment, transport, and the promotion of international trade, among others.

Find more stories on economy and finance in TROIB business