Russia's Buryatia eyes Chinese investment

Russia's south Siberian republic of Buryatia has invited Chinese businessmen to invest in creating advanced processing projects in the region using non-waste technologies.

Russia's south Siberian republic of Buryatia has invited Chinese businessmen to invest in creating advanced processing projects in the region using non-waste technologies.

"The Republic of Buryatia is interested in investors who are ready to implement advanced processing projects using new non-waste technologies," Buryatia President Vyacheslav Nagovitsyn said in the RIA Novosti press center at the Russian Shanghai World Expo pavilion.

Buryatia, which is rich in such natural resources such as zinc, molybdenum, wolframium, cadmium, lead and wood, wants to launch new non-waste production sites rather than export raw materials, he said.

The total discovered reserves are evaluated at over $200 billion and the mined materials are worth less than 1 percent, Nagovitsyn said.

The region is also interested in attracting investment for silicon solar cell production at its Chulbonsky quartz deposit, establishing pharmaceutical plants, and manufacturing helicopters.

Buryatia ranks third among Siberian regions as a tourist destination. Some 17 percent of the tourists who come to the republic are from China. The Chinese investors have also been invited to participate in developing Buryatia's tourist industry and the renovation of the capital Ulan Ude.

The 2010 World Expo is being held in Shanghai until October 31. Up to 70 million people are expected to visit the city for the event. Over 200 countries, corporations and international organizations are taking part.

SHANGHAI, August 20 (RIA Novosti)