OREANDA-NEWS. Vnesheconombank, the Russian Direct Investment Fund (RDIF), the Far East and the Baikal Region Development Fund (OJSC) and the Export Credit Agency of Russia (EXIAR) (OJSC) signed a number of documents with their Japanese partners. The documents are aimed at expanding Russian-Japanese trade-economic and financial cooperation.

Vnesheconombank, RDIF and the Japan Bank for International Cooperation (JBIC) entered into a Memorandum of Understanding on Creating a Fund to Encourage Direct Private Japanese Investments in the Russian Economy. As part of this initiative the parties expressed their intention to promote exchange of technologies and expert’s opinions as well as facilitate conditions for technological presence of Japanese companies and business in Russia.

Under the Memorandum the new Fund would raise investments for such promising sectors as infrastructure, health care services, food industry and agriculture. Moreover, VEB and JBIC signed a bilateral Memorandum of Understanding under which the parties agreed to continue their joint efforts to assess investment projects and fund them in order to increase Russian-Japanese trade turnover and exchange of services.

EXIAR and Nippon Export and Investment Insurance (NEXI) signed a Memorandum on Cooperation and Interaction. The Memorandum provides for cooperation between companies in providing joint insurance support for Russia’s and Japan’s export projects in third countries. This line of business is principally new for enhancing trade and economic cooperation between the two countries. It’s also an effective mechanism for promoting Russian exports to foreign countries.

The Far East and the Baikal Region Development Fund and Japanese Corporation Marubeni signed a Memorandum of Understanding. Under the Memorandum the parties intend to develop infrastructure and create conditions for developing business on the Russian territory of the Far East and the Baikal region. The parties plan to cooperate in several sectors: power engineering, transport infrastructure development, oil and gas sector, timber processing, agriculture and drinking water supply.

The memorandums signed are evidence of improved business ties between Russia’s and Japan’s financial institutions, a high level of trust in Vnesheconombank Group and foreign companies’ interest in operating on the Russian market.