A Zhejiang-based footwear manufacturer has
announced the creation of a trade and investment zone in Russian
Far East, the first such move by a privately-owned Chinese
company.
The zone, with potential total investment reaching 2 billion
yuan and?located in Ussuriysk, an industrial city, will be
established by Kangnai Group. ?
Construction of the 2-square-km zone began last August and
should be completed by 2010, according to Zhou Jinmiao, a senior
official of Kangnai, adding that the zone would invite all
companies aiming to do business in Russia.
The move will open the door to more Chinese industries aiming to
enter the Russian market, leading to strengthened trade and
investment ties between the two countries.
The Ministry of Commerce disclosed no further details about the
Ussuriysk zone, simply stating "China is considering setting up
cooperation zones and encouraging enterprises to build plants in
Russia".
According to ministry statistics, investment from China into
Russia had topped US$1 billion across 700 projects by the end of
last year.
To help the outward-looking strategies of Chinese enterprises,
the government has previously established economic and trade
cooperation zones in foreign countries such as Pakistan and
Zambia.
The commerce ministry thus fosters the desire among domestic
enterprises to develop similar zones overseas, which can emanate
from a single company's initiative or can be a joint project taken
on by a group of firms, playing key avenues in helping small and
medium-sized Chinese enterprises tap into overseas investment
opportunities.
(China Daily March 22, 2007)