Cooperation between China and Russia is an issue of global importance as both nations try to achieve economic stability despite the pain of U.S. penalties — sanctions against Russia, and an escalating tariff war against China. Beijing and Moscow have had a rocky relationship, but the two governments have publicly sought closer ties in recent years.
The group overseeing the potential billions in investment is the Russian-Chinese Business Advisory Committee, which held an annual meeting this week during the Eastern Economic Forum in Vladivostok, Russia.
The committee includes more than 150 representatives from "leading Russian and Chinese companies," according to a statement from the Russia-China Investment Fund. The RCIF was established in 2012 by China's state-owned China Investment Corporation and Russian sovereign wealth fund the Russian Direct Investment Fund.
The announcement said seven projects worth a total of $4.6 billion had already been implemented as a result of work by the China-Russia group.
"While strong economic growth in both countries will certainly produce many domestic opportunities for profitable investments, we believe particularly promising transactions will be found in bilateral deals that capitalize on the Russia-China relationship," Kirill Dmitriev, CEO of the Russian sovereign wealth fund, said in a statement accompanying the announcement.
Separate tech agreement
In a separate Tuesday announcement, the Russia-China Investment Fund and Chinese science and tech investment group Tus-Holdings announced joint investment plans.
That cooperation will focus on technology, seeing $1.28 billion invested in the Russian Tushino Project Technology Park in the northwest of Moscow, RCIF said in a statement. The two groups are considering building a Sino-Russian tech innovation park with more than $100 million investment and have launched a Russia-China venture fund with capital of $100 million, the news release added.
—Reuters contributed to this report.