The Russia-China Investment Fund (RCIF) revealed that its Sino-Russia investment group has several projects valued at $112 billion in the the pipeline.
The announcement was made in Beijing on Tuesday at the Russian-Chinese Commission for Investment.
“To date, the Commission and the Russian-Chinese Business Advisory Committee are considering 70 projects for a total of $112 billion,” stated a release by Russian Direct Investment Fund (RDIF). “The Committee has already helped implement cross-border projects worth more than $10 billion.”
The parties have also agreed to partner on a Russian e-commerce platform like Amazon or Alibaba. RDIF, Alibaba Group, Mail.ru Group and Megafon plan to be part of the joint-partnership project.
China has moved closer to Russia as the US-China trade war drags on to its 17th month. The trade war has disrupted the global trade and supply chains around the world and threatens to topple the existing economic order. Analysts contend the trade war to be a front in a new cold war involving the US and China.
China has become Russia’s biggest trading partner over the past nine years. Bilateral trade between the two countries increased by nearly 30 percent last year. Trade volume between the two countries increased from more than $100 billion to $200 billion by 2024.
“The plan is to achieve that mainly through joint projects in the fields of energy, industry, hi-tech and agriculture,” said Russian Prime Minister Dmitry Medvedev to reporters in Russia earlier this year.
“We are consistently working to remove barriers that limit the development of agricultural trade. It concerns the supply of soybeans, wheat and a number of other crops to China,” added Medvedev.
One of the main sticking points of the US-China trade deal is the purchase of US agricultural products, like soybeans, by China. US President Donald Trump said he wanted China to agree to buy as much as $50 billion worth of US agricultural goods as part of the trade deal.