CIC to work closely with Russia to develop Siberia

China's sovereign wealth fund China Investment Corp said on Monday that it has signed a memorandum with Russia to boost cooperation in infrastructure projects to develop Siberia.

The memo, signed in Moscow on March 22, set out the principles for the two nations to increase cooperation in terms of investment for major projects in Siberia.

The investments will focus on large infrastructure and logistics projects, high value-added projects in the natural resources sector and leading manufacturing and services companies, the statement said.

The Russian Direct Investment Fund, a State-sponsored private equity fund, and China Investment Corp launched the joint Russia-China Investment Fund in the middle of last year to invest $1 billion in Russian private equity deals.

The memo was signed when President Xi Jinping paid his first official visit to Russia last Friday.