People visit the exhibition hall of the 9th Eastern Economic Forum (EEF) in Vladivostok, Russia, Sep 3, 2024. The 9th Eastern Economic Forum (EEF) kicked off here in this Russian Far East city on Tuesday, attracting more than 6,000 participants from 76 countries and regions. Photo:Xinhua

Chinese investment in Russia's manufacturing sector has become a new highlight, He Zhenwei, president of the China Overseas Development Association, told the Global Times in an interview on Saturday, when commenting on the just concluded 9th Eastern Economic Forum (EEF) held in Russian Far East city Vladivostok.

The four-day 9th EEF concluded on Friday with the signing of 313 agreements amounting to 5.5693 trillion rubles ($61.7 billion), local media reported.

At this year's EEF, three member companies of the China Overseas Development Association conducted in-depth exchange with their Russian counterparts on the building of intelligent homes and robots, with further cooperation expected in the emerging field, He said.

According to He, Chinese companies have started investing in the Russian manufacturing sector, including auto, smartphone and engineering machinery. For example, some Chinese automakers are now assembling cars in Russia as a means to boost localization, he said.

Chinese products have gained a strong foothold in the Russian market, thanks to the improving quality of Chinese goods, and the country's commitment to high-quality development, He said.

"The current cooperation between China and Russia in the Far East holds great potential," He said, also noting that agriculture is an another important sector for the two countries to deepen cooperation in the Far East region.

Zhao Xiangyu, chairman of Heilongjiang Province-based Liangtai Agriculture Company, who also set up an agriculture firm in Primorye Territory in Russia's Far East, is optimistic about the prospects of China-Russia economic and trade cooperation.

"Russia boasts vast farmland and rich natural resources to produce grain, vegetables, fruit and livestock products. China, on the other hand, has great demand for agricultural products," Zhao told the Global Times.

The local government of Primorye Territory has provided favorable loans and subsidies to encourage the development of agriculture and animal husbandry, Zhao said, projecting that the company's output to exceed 20,000 tons this year.

The 9th EEF drew over 7,100 participants from 75 countries. Among them were about 2,500 representatives from domestic and foreign businesses, representing over 1,100 companies, Xinhua News Agency reported.