The NLGC took part in the meeting of the 9th Russia-China Intergovernmental Commission on Investment Cooperation

On November 24, 2022, the ninth meeting of the Russia-China Intergovernmental Commission on Investment Cooperation was held via videoconference co-chaired by First Deputy Prime Minister of Russia Andrei Belousov and Vice Premier of the State Council of the People’s Republic of China Han Zheng.

The sides discussed the current state of Russian-Chinese investment interaction and its development prospects. Opening the session, Andrei Belousov noted that China is Russia’s key trade and economic partner.

The First Deputy Prime Minister of Russia also noted that the Grain Terminal Zabaikalsk as one of the most significant projects can contribute to the extension of the strategic partnership between Russia and China.

CEO of Grain Terminal Zabaikalsk LLC Karen Ovsepian presented his report at the meeting of the Intergovernmental Commission. He reported that the construction of the Terminal was completed and it was opened by Russian President Vladimir Putin during the 2022 Eastern Economic Forum and noted that significant work has been done by the parties, both in Russia and China. He also drew attention to the importance of a complex and joint efforts to solve logistics issues of the Russian grain supplies to the PRC.

“Today the representatives of Russia and China repeatedly mentioned creation of new land corridors in their reports. It once again demonstrated the importance and relevance of the large-scale NLGC project we have already been developing for several years. Currently we are elaborating additional export routes for the Russian grain and new high-tech land infrastructure”, explained New Land Grain Corridor LLC CEO Sergey Pushkin.

Summing up the results, Andrei Belousov noted the need for removal of constraints and facilitation of the railway cargo clearance procedures at the border between the countries, as well as the importance of further expansion of cargo transshipment capacities at the border posts in order to increase the scope of grains and oilseeds supply to China.

For reference (New Land Grain Corridor Group of Companies):

The New Land Grain Corridor Group of Companies (NLGC GC) is an export-oriented holding structure implementing in Ural, Siberia and the Far East a project on the creation and development of the infrastructure for export of grains, grain legumes and oilseeds to China, Central Asia and the Middle East.

For reference (Grain Railway Terminal Zabaikalsk):

The Grain Terminal Zabaikalsk (GTZ) is a member of the NLGC GC. The GTZ is the world’s first and the today’s Russian most high-capacity specialized grain railway terminal Zabaikalsk-Manchuria with transshipment capacity of up to 8 million tons a year. Its one-time storage capacity is 80 thousand tons and the total investments in this project amount to 9.5 billion rubles. The GTZ has adopted the highest standards of traceability, biological safety and quality management.