Source: Xinhuanet

11-10-2006 14:40

China and Russia inked eight cooperation agreements in Beijing Thursday, with a contractual investment from the Chinese side totaling 800 million U.S. dollars.

The agreements, covering iron mine, glass, timber processing and other sectors, were signed on the sidelines of the third Sino-Russian Investment Promotion Week.

Vice Director with the State Development and Reform Commission Zhang Xiaoqiang said Sino-Russian cooperation has developed fast and bilateral trade has kept growing over the past seven years.

The two countries have made "breakthrough" progress in investment cooperation, which has expanded from energy and forestry products to mineral prospecting.

He predicted that Chinese enterprises are likely to investment 12 billion dollars in Russia by the end of 2010, 10 years ahead of a previously set goal.

In the previous two Sino-Russian investment promotion weeks, the two sides signed 19 agreements, involving a total investment of 2.15 billion . dollars from the Chinese side.

Trade volume between the two countries reached 29.1 billion dollars in 2005. In the first nine months of this year, two-way trade volume totaled 24.64 billion dollars, up 18.8 percent year-on-year.

 

Editor:Ge Ting