(mosnews.com) - Russia and China signed eight wide-ranging cooperation agreements, meant to boost bilateral investment, trade and technical cooperation, reports Trend.
The agreements, covering sectors as diverse as trade, energy, car production and infrastructure construction, were signed at the beginning of Sino-Russian Investment Promotion Week which began here Thursday morning. This event is a part of three-day visit to China by Russia's Prime Minister Mikhail Fradkov.
Two of the eight agreements relate to joint mining exploration.
The other agreements include setting up a car assembly factory, a float glass factory, and wood-processing facilities.
The contracted investment volume from the Chinese side is $ 800 million.
Addressing the opening ceremony, Chinese Vice-Premier, Wu Yi, said China-Russia trade volume is expected to reach $60 billion to $80 billion by 2010, and China's total investment volume in Russia will reach the target of $12 billion ahead of 2020.
Trade volume between the two countries has reached $29.1 billion in 2005. In the first nine months this year, the two-way trade volume totaled $24.64 billion, up 18.8 percent year-on-year.
The Sino-Russian Investment Promotion Week will feature 13 promotional activities aimed at boosting bilateral investment.
According to Russian Deputy Prime Minister, Alexander Zhukov, an agreement on promoting and protecting investment will be signed by the two countries during the 11th regular meeting between the two prime ministers on Thursday afternoon.
The agreement aims to provide a legal foundation for expanding bilateral trade, and further facilitate two-way investment and cooperation, Zhukov said, quoted by the Xinhua agency.
The Sino-Russian Investment Promotion Week is an important element of the Year of Russia in China which is scheduled to conclude on Thursday evening.
Chinese Prime Minister Wen Jiabao and his Russian counterpart Mikhail Fradkov will attend the closing ceremony and deliver speeches.