China may transfer part of its production facilities to Russia’s Far East - Russian ministry

VLADIVOSTOK, December 18. /TASS/. China may transfer part of its manufacturing facilities to Russia’s Far East, the Ministry for the Development of the Russian Far East said on Friday, commenting on the Memorandum of understanding on boosting the Russian-Chinese regional, industrial and investment cooperation signed on Thursday. "We are talking about the possible transfer of Chinese enterprises to the Far East with due account for the mandatory compliance with environmental requirements set in Russia. It is planned, first and foremost, to work out the creation of the joint export-oriented companies," the ministry said. The first agreement within the framework of the memorandum focuses on the development of the Northeast Passage with a view to transporting goods between Russia and the Asia-Pacific countries, and the second - on the development of the international transport corridors, including Primorye-1 and Primorye-2. It is also planned to attract Chinese investors to the territories of priority development and the Free Port of Vladivostok and to implement China’s initiative on exporting production capacities in the priority sectors of the economy. According to Minister for the Development of the Russian Far East Alexander Galushka, "the memorandum takes the implementation of this mutually beneficial project to a new level - the level of the two countries’ governments, which too conforms to the strategy of integrating the Eurasian Economic Union zone with the Silk Road economic belt concept proposed by China. Read more