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China’s big private companies ready to invest in Russia tourism infrastructure development

May 18, 2012, 20:17 UTC+3

According to experts, China’s companies plan to invest 600 million U.S. dollars in the first projects

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MOSCOW, May 18 (Itar-Tass) —— China’s large private companies are ready to invest in the development of Russia’s tourism infrastructure and boost interaction with Russian partners, the vice president of the China Oceanwide Holding Group told a news conference on Friday.

In his words, “the management of China’s leading companies visited Sochi, Irkutsk and the North Caucasus and made a conclusion that Russia has got a colossal market and good potential for the drawing of foreign investors.”

“At the initial stage, we managed to achieve several accords with regions on investment cooperation,” he said.

“Moscow and St. Petersburg is of special interest for China,” the businessman said, adding that China’s companies jointly with the Russian Federal Tourism Agency and the Moscow Mayor’s Office hold talks on the expansion of cooperation with the aim to invest in Russia’s infrastructure.

In his words, “China’s corporation sees good prospects for closer cooperation with the North Caucasus.” “However, this market is now only being studied. We want time to map out specific spheres of activity,” he said.

“Firstly, we should study the Caucasus resources, traditions and social customs. Then we can make a decision which types of hotels will be built,” the Chinese businessman said, adding, “Investments in the region can cause no misgivings.”

Deputy Chairman of the Russian Federal Tourism Agency Yevgeny Pisarevsky, in turn, noted that the group for investment cooperation of Siberia and the Far East with North China now works out six joint projects.

He expressed hope that the number of the projects will go up, while investments China’s companies in Russia will be estimated in hundreds of billion roubles [USD 1 = RUB 31.39].”

According to experts, China’s companies plan to invest 600 million U.S. dollars in the first projects, while the value of investments may achieve two to three billion U.S. dollars already at the next stage.

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