Economy

Sino-Russian $100 bln trade target within shot

(Xinhua)
Updated: 2011-06-16 16:11

HARBIN - Natalia Semenets, the head of the development department of Moscow-based canned food manufacturer OVA, was busier than most attendees at the recent China Harbin International Economic and Trade Fair (HTF).

The Russian businesswoman tirelessly worked to introduce and promote her company's products to merchants passing by her exhibition booth on Wednesday.

"Our company is a household brand in Russia, and we're here to seek business partners. We hope to develop our Chinese market," she said.

The fair was held in Harbin, the capital city of North China's Heilongjiang province, which borders Russia. Russian companies and merchants occupied a total of 138 of the fair's 3,000 exhibition booths, an increase of 151 percent over last year's fair.

"Before I came to Harbin, I saw the news that China's top leader was going to visit Russia, and that a new target on trade volume had been set. I think it is a great sign for business," said Semenets.

The "new target" Semenets mentioned was designated by Russian President Dmitry Medvedev in 2009. He said that trade volume between Russia and China would reach $100 billion in the next three to five years.

Chinese President Hu Jintao recently embarked on a state trip to Kazakhstan, Russia and Ukraine, and is scheduled to arrive in Russia on Wednesday.

Bilateral deals concerning energy and finance are likely to be concluded during Hu's four-day visit to Russia.

"Judging from the current trend, our target is very likely to be realized," Hu said during an interview with Russian media prior to his visit.

Two-way trade volume reached about $60 billion in 2010, making China Russia's largest trade partner, said Hu.

Deputy Minister of Commerce Wang Chao said at the fair that trade volume between China and Russia for the first five months of this year has continued to rise.

He said Sino-Russian trade went up 30 percent year-on-year to hit $29.1 billion.

Sergey Tsyplakov, a Russian trade representative, said "as the economies of both countries continue to develop well, I'm confident that the $100-billion trade target will be met".

Tsyplakov said trade quality must also be emphasized.

"On one hand, we need to enlarge trade volume, but on the other hand, we need to improve our trade structure," he said.