Chinese companies may invest up to $200m in Russian Internet segment

MOSCOW - China's Internet companies may invest up to $200 million in the development of Russia's Internet segment, the Institute of Internet Development (IID) said on Monday.

"The expected volume of Chinese Internet companies' investments in the Russian Internet in 2016-2017 amounts to $100-$200 million," the IID statement reads.

Earlier in the day, Russia's Presidential Adviser German Klimenko announced the establishment of the Internet plus China working group. New working group comprises representatives of such Chinese companies as LeEco, AliExpress, JD.com, Huawei, Baidu, China Big Data Exchange, Yidao, LeSports as well as Russian firms Signal-Media, Aviastar-Tu and the Russian Export Center.

Working group's main objective is to attract Chinese investment to Russia and stimulate exports of Russian goods and services to China, according to the IID.

The Institute of Internet Development is Russia's non-profit organization aimed at development of the Russian section of the Internet and related economic sectors.