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BEIJING, September 4. /TASS/. Moscow and Beijing have signed a memorandum of understanding to set up a Russian-Chinese economic alliance aimed at fostering cooperation on Beijing's Silk Road East-West trading route.
The document was signed on Friday on the sidelines of the Second Beijing International Economic Forum BIEF-2015, taking place in the Chinese capital during Russian President Vladimir Putin’s visit to the country.
The memorandum envisages creating a program aimed at strengthening cooperation and increasing competitive advantages of Russia and China as part of Beijing's "One Belt, One Road" initiative to create a modern trade route known as the Silk Road Economic Belt and the 21st Century Maritime Silk Road.
Projects under the "Economic Belt" plan include a network of highways, railways and other critical infrastructure linking China to Central and South Asia, the Middle East and Europe. The maritime route entails building or expanding ports and industrial parks in Asia, the Middle East, Africa and Europe.
At the Second Beijing International Economic Forum BIEF-2015, which opened on Friday, Russian companies and organisations presented more than 30 investments projects. Companies from the Moscow region, Vladivostok, the Tula region, the republic of Karelia, the Kurgan region, Nizhny Novgorod, and the Samara, Penza and Ulyanovsk regions outlined plans to attract investment to fund infrastructure development, tourism and mining activities.
The forum's program also features meetings to present Russian regions and specific projects, thematic roundtables and open discussions.