China’s Xuanyuan Group Industrial Development plans to create an industrial park in Russia’s Far Eastern Amur Region, the company announced on Sunday, according to TASS. It signed a declaration of intent with the Amur Region Investment Attraction Agency on the first day of the Eastern Economic Forum in Vladivostok.
According to the deal, the Chinese company will invest up to 10 billion rubles ($102 million) in the industrial park, which will create over 400 jobs in the region. The park will produce smart equipment, including robots, 3D printers, drones, wind turbine blades, tanks for storage and transportation of liquefied natural gas and helium, and other technological goods.
The project envisages the creation of a science and research center, a production base for robotics and 3D printing, smart warehouses, and engineering infrastructure. Xuanyuan Group said it has a strong research and development team and long-term cooperation with leading technological institutes in China, which will help the company in its work on the industrial park.
“We want to build something new, different from what we had before – a new industrial park complex for the production of intelligent equipment. We know that there are good business opportunities in the Amur region, we have already looked at the site offered to us. We plan to attract experienced Chinese manufacturers to work with us,” Xuanyuan Group CEO Hailong Xue told reporters.
According to Sergey Khmura, the deputy head of the Amur Region Investment Attraction Agency, the industrial park will offer equal opportunities for companies of both Russian and Chinese origin.
“This is a very important stage for the development of the region’s economy. It shows how much the region is becoming a priority in terms of high-tech development and cooperation with foreign investors. Previously, entrepreneurs from Asia were interested in mining, timber logging, and agriculture. Now the region is developing conditions for high-tech industry,” he stated.
The 8th Eastern Economic Forum takes place in Vladivostok from September 10 to 13. It was created as a platform for dialogue with businesses on development issues in the Russian Far East and for promoting investment in the region.