Chinese firms have invested a total of 16 billion yuan ($2.4 billion) in development projects in Russia's Far East, Aleksandr Galushka, the regional development minister, revealed on Monday.

In a statement, Galushka said that the new Far East development mechanisms, including the Advanced Development Territories, the Vladivostok free port area, the Far East Development Fund, and targeted infrastructural project support, have already attracted a total investment of 1.1 trillion rubles ($17.1 billion).

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 "All these mechanisms are popular with Chinese businesses. The volume of Chinese investments came to 163 billion rubles ($2.4 billion)," he said.

Chinese investments have also gone into projects outside the Russian Far East's special zone. Some 7 billion rubles ($109 million) have been put in a timber plant in Khabarovsk territory's Berezovyi village.

Furthermore, about 80 billion rubles ($1.24 billion) generated by Russia and China from a joint agroindustrial development fund is also ready for investment and will be presented at the Eastern Economic Forum in Vladivostok this September, according to Sputnik News.

Russian and Chinese firms will have a slate of projects in Russia's Far East in the energy, trade, and cross-border tourism industry. One of the biggest upcoming projects is the Power of Siberia pipeline that will deliver 38 billion cubic meters of Russian natural gas to China every year.

In May, a source from the Russian Far East Development Ministry told Sputnik News that over 31 agreements have been signed with Chinese firms. Furthermore, in March, Chinese companies reportedly invested a total of over $1.9 billion into developmental projects in the Russian Far East, including an oil refinery, a logistical center, a cement factory, and q plant for ferrous scrap metals.

Tagschina, Russia Far East, Aleksandr Galushka, Far East development mechanisms