China’s Xuanyuan Group Industrial Development has announced plans to invest over $100 million in the creation of an industrial park in Russia’s Amur Region. The declaration of intent was signed with the Amur Region Investment Attraction Agency at the Eastern Economic Forum in Vladivostok.
The agreement states that the Chinese company will invest up to 10 billion rubles ($102 million) in the industrial park, which will generate over 400 jobs in the region. The park will focus on the production of smart equipment such as robots, 3D printers, drones, wind turbine blades, and tanks for the storage and transportation of liquefied natural gas and helium.
The project aims to establish a science and research center, a production base for robotics and 3D printing, smart warehouses, and engineering infrastructure. Xuanyuan Group emphasizes its strong research and development team and long-term partnerships with leading technological institutes in China, which will contribute to the successful implementation of the industrial park.
“We want to build something new and different from what we had before – a new industrial park complex for the production of intelligent equipment. We recognize the potential business opportunities in the Amur region and have already assessed the offered site. Our plan is to attract experienced Chinese manufacturers to collaborate with us,” Xuanyuan Group CEO Hailong Xue told reporters.
Sergey Khmura, the deputy head of the Amur Region Investment Attraction Agency, highlights the significance of the industrial park for the region’s economy. He notes that it demonstrates the region’s growing importance in terms of high-tech development and cooperation with foreign investors. In the past, entrepreneurs from Asia had shown interest mainly in mining, timber logging, and agriculture. However, the region is now creating favorable conditions for the growth of high-tech industry.
The 8th Eastern Economic Forum, taking place in Vladivostok from September 10 to 13, serves as a platform for dialogue between businesses and aims to address development issues in the Russian Far East and promote investment in the region.
This investment by Xuanyuan Group reflects the increasing interest of Chinese companies in investing in Russia and marks a significant step towards strengthening economic cooperation between the two nations. The establishment of the industrial park will not only create job opportunities but also contribute to the development of advanced technological capabilities in the Amur Region.
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