Russia invites China to invest in its shipyards

Russia has invited China to invest in shipbuilding facilities in the Far East of the country, reports say.

“We are proposing our Chinese colleagues to contribute to the development of our shipbuilding in the [Russian] Far East. We are interested in attracting Chinese partners,” Andrei Denisov, Russia’s ambassador to China, told Sputnik.

Denisov said the Zvezda shipyard, located in the town of Bolshoy Kamen in Far East Russia, is a prime candidate for Chinese investment.

“If the Chinese side expresses interest in the reconstruction and modernization of production at the Russian Zvezda shipyard, then we will consider options, whether it would be investments or the purchase of a stake,” he continued.

Plans to modernise the shipyard were announced in the late 2000s and were revived again in June, when Russia’s deputy prime minister Dmitry Rogozin called the expansion project was one of the most important construction projects in the country. Modernisation of the yard will also speed Russia’s Arctic development plans, Sputnik reports.

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