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. Last Updated: 07/27/2016

China Told to Invest in Sochi

Russia is keen to see Chinese firms bid for building contracts in Sochi ahead of the 2014 Winter Olympics, Economic Development and Trade Minister German Gref told journalists during an official visit to Beijing on Friday, RIA-Novosti reported.

"We can see how quickly and with what high quality the Chinese have come to terms with the task of getting ready for the 2008 Olympic Games in Beijing," Gref said.

"We invite our Chinese partners to take part in the tenders that are being held. I hope that their experience will help them come up with the most attractive proposals for us," Gref said.

In early July, the International Olympic Committee awarded the 2014 Games to the Black Sea resort of Sochi, a move that analysts predicted could give the country's economy a $15 billion boost.

The government has pledged around $12 billion toward developing Sochi into a world-class resort. Billionaires Vladimir Potanin, Oleg Deripaska and Roman Abramovich are all investing heavily in the region, as is state-run gas monopoly Gazprom.

Gref said all contracts would be handed out on a strictly competitive basis.

"We need them to be the highest quality with the shortest construction time, and everything will be selected according to the criteria of cost and quality," he said.

Gref also invited Chinese firms to bid for contracts in Vladivostok, where the 2012 Asian-Pacific economic cooperation forum will be held.