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![China Merchants Group, the State-owned transport, finance and property conglomerate based in Hong Kong, is to take part in the construction of Russia's Zarubino Port, according to Sputnik News [Xinhua]](http://thebricspost.com/wp-content/uploads/2015/03/china_trade_data.jpg)
China Merchants Group, the State-owned transport, finance and property conglomerate based in Hong Kong, is to take part in the construction of Russia’s Zarubino Port, according to Sputnik News [Xinhua]
Alexander Galushka, Minister for the Development of the Russian Far East told reporters on Monday in Moscow that the two sides had reached an agreement during talks with China’s top economic planning agency, the NDRC.
“Last week I held talks with the leaders of the National Development and Reform Commission, during which we agreed to sign an agreement on cooperation in developing the transport corridors linking China’s northeast with the Russian Far East ports, primarily in Primorye,” Galushka said.
The National Development and Reform Commission is the biggest, most powerful Chinese bureaucracy, with responsibility over broad swathes of China’s $8.5 trillion economy.
The Primorye-1 transport corridor will link the Chinese border city of Suifenhe, the Grodekovo railway station, the border region of Primorye and the ports in the east of the region.
The cargo corridor would open up the shortest route from Chinese provinces to the Asia-Pacific region through Russian ports in the east of Primorye.
Primorye-2 transport corridor will link ports in the southwest— Posiet, Zarubino and Slavyanka with Chinese provinces.
Russian businessman Ziyavudin Magomedov’s Summa Group and a number of Chinese companies are involved in the implementation of the project.
Tass agency quoted experts saying the implementation of the Primorye-1 and Primorye-2 projects will require investment worth more than 200 billion rubles ($3 billion).
Source: Agencies
