BEIJING - As Russia restructures its economy and reduces its reliance on commodities, more investment opportunities are awaiting Chinese companies.
Fuyao Glass Industries Co Ltd, one of the world's largest auto glassmakers, said it plans to invest $200 million in a glass factory in Russia.
"The new factory is the company's first plant on foreign soil and it will start production by the end of the year, supplying glass for more than 3 million cars annually," Cao Dewang, chairman of Fuyao, told China Daily.
Cao said he hopes the domestic market in Russia could be further regulated so foreign enterprises could grasp more business opportunities.
AFP reported earlier that China Investment Corp intends to invest in infrastructure, negotiable securities and real estate in Russia.
"Russia welcomes direct investment from China to promote bilateral cooperation on trade and finance," said Vladimir Milovidov, head of the Federal Financial Markets Service.
Milovidov added that Russia highly appreciates China's policies on financial market supervision and is willing to share its experience with China in this field.
By 2020, China plans to invest $12 billion in the Russian market to boost bilateral trade.
China's investment volume in Russia reached $260 million between January and June last year, 58.5 percent higher than the same period of the previous year.
"Although China has become Russia's biggest trading partner, China is still not a major investor in the Russian market," said Igor Rogachev, former Russian ambassador to China.
China's investment in Russia now mainly focuses on the automotive, agriculture and chemical sectors.
In order to attract investment from China, Russia offered it 16 investment projects in infrastructure, minerals and travel last year.
(China Daily 06/17/2011 page10)