CIC eyes Russian investment hopes
Print Edition
CHINA Investment Corp, a sovereign wealth fund responsible for managing part of China’s foreign exchange reserves, is keen to explore investment opportunities in Russia and expand its exposure to the country, its CEO said yesterday.
“CIC has invested several billions of dollars in Russia and we focus on the medium and long-term prospects,” Ding Xuedong said in a Russian television interview on the sidelines of the St Petersburg International Economic Forum. “We will continue to increase our investment in Russia, not only in the public markets but in direct investments as well, such as agriculture and infrastructure.”
CIC invests in Russia via a joint venture with the state-backed Russian Direct Investment Fund, as well as investing directly itself.
Its joint venture said this week that it plans to raise an US$800 million fund to invest in infrastructure for senior citizens and to tap rising Sino-Russia tourism. CIC subsidiary Chengdong Investment Corp also holds a 12.5 percent stake in Russian potash company Uralkali.
“Currently, our investment concentrates on markets in the United States or Europe,” Ding said. “Our exposure to Russia is relatively small, which means the potential is big. We focus on the long term and on increasing our exposure to Russia.”
He said he is quite optimistic about the prospects for the Russian market, particularly for agriculture and energy.
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