Representatives from the Ministry for the Development of the Russian Far East, the Far East Development Corporation, the China Overseas Development Association, and the China Council for the Promotion of International Trade have signed a memorandum of understanding for the forming of a $10 billion joint agribusiness fund.
 

Under the terms of the agreement, both parties agreed to cooperate on joint investments in projects in agribusiness, grain production, storage and processing, logistics, and the construction of agribusiness related infrastructure in the Russian territories designated for priority development – nine of which are located in Russia’s Far East. The overarching goal of the fund is to drive the production of 10 million additional tons of grain and agricultural products per year from 2020.

The agreement was signed at the first Eastern Economic Forum (EEF) being held in Vladivostok September 3-5, where 72 agreements between the Russian government, international investors, and countries in the Asian-Pacific Region are expected to be signed, including 10 agreements focused on agribusiness development.