China Exim Bank is ready to take part in development of international transport corridors Primorye-1 and Primorye-2
The issues of international transport corridors Primorye-1 and Primorye-2 were discussed during international Russia-China negotiations in Beijing. The Russian delegation met the management of the Export-Import Bank of China (China Exim Bank) who expressed the will to take part in the development of ITC Primorye-1 and Primorye-2 and establishment of a joint management company.
Further discussions are to be held during the visit of Aleksandr Galushka, Minister for the Development of the Russian Far East, to Beijing.
The Russian delegation included the representatives of Ministry for the Development of the Russian Far East, Far East Development Corporation, Far East Development Fund. The Chinese delegation consisted of the representatives of the National Development and Reform Commission, China Overseas Development Association and Machinery Engineering Corporation.
The Chinese partners presented their financial and economic model for the development of international transport corridors in the south of the Primorsky Territory. According to Aleksandr Krutikov, Department Director at the Ministry for the Development of the Russian Far East, the model confirms the economic viability of ITC projects, their mutual profitability for both China and Russia. Transport corridors from the Heilongjiang province to port Nakhodka and from the Jilin province to port Zarubino will let considerably reduce transport costs of companies located in the north-East of China. The Heilongjiang and Jilin provinces alone will save up to $1 bln per year. The Far East of Russia, in its turn, will obtain a sound cargo flow from the two provinces the economy of which is equal to 60% of Russia’s economy,” said Aleksandr Krutikov.
He reminded about the Memorandum of Understanding for the Development and Reform to Strengthen Russian-Chinese Regional, Industrial and Investment Cooperation in the Far East signed in the end of the past year.
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