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22 May, 2008 15:50

Russia to boost trade with China

Russia and China could increase their bilateral trade to $US 70 billions per year. That's according to Russia’s President Dmitry Medvedev ahead of his trip to China. Currently, energy accounts for the bulk of trade, but both governments are keen to divers

Oil companies Rosneft and China National Petroleum Corporation have reached an agreement in principle to build a pipeline to China.

It would extend the East Siberia-Pacific Ocean pipeline across the Chinese border.

President Medvedev believes more deals will follow.

“We hope that we will create new enterprises to process petroleum products. Plants to build oil refineries and also to form a chain of filling stations including in China,” he said.

Currently, China imports only about 250,000 barrels of oil per day by railway. But it's keen to diversify its oil supplies away from the Middle East. Russia.

Russia is prepared to give China energy, but is looking for something in return. President Medvedev called for advances in the area of high-technology.

This company headquartered in Moscow. It makes chips like this  – used to make computers and telephones and its firmly focused on one of its biggest import markets – China.

Sironics – a company that stands at the forefront of Russia’s growing high-tech industry – wants a joint venture to produce mobile telephones and other electronic goods together with China's ZTE Corporation.

The company will firstly produce mobile telephones using Chinese technologies, aiming to expand the product range. All the products will go to different markets, with Indian market being one of the most important ones.

President Medvedev stressed that the XXI century will be marked by high-tech cooperation between the two countries.