Primorsky Region wants to attract Chinese investors for projects from transport to agriculture, a regional official has said
Participants take part in the ‘Sails of Russia’ regatta, as part of the Russia Day celebration, in Vladivostok, Russia. © Sputnik / Vitaliy Ankov
Primorsky Region in Russia’s Far East is seeking partners in China for an ambitious development project that would turn the city of Vladivostok into a major center of the Asia-Pacific region.
A delegation from Primorsky Region is attending the Harbin International Economic and Trade Fair, which kicked off on Thursday, and is expecting to clinch new deals in China and find investors, the head of the region’s Trade and Industrial Council, Boris Stupnitsky, told the TASS news agency.
“We expect an increase in mutual trade turnover and are looking for deeper economic ties with Chinese partners in agriculture, transport and logistics. We also want to attract Chinese investment to Primorsky Region to boost its development,” the official said.
Russia has embarked on an ambitious project aimed at turning the Far Eastern city of Vladivostok and the surrounding area into a major center in the Asia-Pacific Region by 2040, and into a global center by 2050. The project, known as Vladivostok Masterplan, entails a massive redevelopment of roads and public transport and the construction of new social and economic infrastructure, which are intended to give a new look to the city and region.
READ MORE: Russia-China trade booming
The exchange of goods between Primorsky Region and China in 2022 accounted for over 57% of the region’s total foreign trade turnover. China’s share in exports to the region was 47% last year, while imports amounted to 62%. Such growth was largely attributable to cooperation between Primorsky Region and the Chinese province of Heilongjiang.
Authorities in the Russian region said that last year mutual trade with Heilongjiang was worth $7.5 billion and announced a plan to boost the figure to $10 billion by 2024.
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