China's Trade Center Begins Operation in Russia

The Greenwood International Trade Center, financed by China Chengtong Development Group, has began operation in Moscow, the Chinese Chamber of Commerce in Russia announced here on Wednesday.

Speaking at a press conference, chamber chairperson Cai Guiru said about 70 percent of the construction of the center has been completed and 28 Russian enterprises have signed contracts with the center and stationed in the quarter.

The Greenwood will be put into full operation three months later, Cai said.

He stressed the trade center, the largest Chinese investment project in Russia, is expected to be built as a China brands trade center in the largest scale and highest grade.

The Greenwood would not only serve as a platform for Chinese products to enter the Russian market, but also help build the " Made-in-China" brand image in Russia, Cai said.

Ling Ji, minister counselor for economic and commercial affairs at the Chinese embassy to Russia, told the press conference that total trade volume between China and Russia in 2010 hit 55.45 billion U.S. dollars, increasing by 43.1 percent over the previous year.

Sino-Russian trade has rebounded to the pre-crisis level, Ling said, adding that China's non-financial direct investment to Russia has surged more than 70 percent in last year.

Against such a backdrop, the two countries should pay more attentions to China's investment to Russia's real economy, Ling noted.

Oleg Schwartzman, CEO of Russian Financial Groups, said he believed the trade center would draw more high-tech enterprises from both countries and become an innovation platform to facilitate those enterprises.

The Greenwood covers an area of 200,000 square meters, with a total construction area of 132,600 square meters.