Potential
Europlastic, which has seven factories across Russia making polymers, plastics and chemicals products, invested 250 million roubles ($4.3 million) in the Vladivostok plant.
Eugene Belokurov, the plant's general manager, said the facility has yet to turn a profit, but he believes that with technological support and financial investment from Chinese enterprises there is great potential.
Such expectations are common among Russian companies that have started businesses in the country's less-developed eastern areas — so much so that exploring cooperation with China has become a major task for local officials.
Alexander Galushka, minister for development of the Russian Far East, said his country will play a vital role in coordinating development of the Eurasian Economic Union and the Belt and Road Initiative.
Investment projects in the Russian Far East have attracted $16.9 billion, according to the ministry's data. China accounts for 14.7 percent, with the money going toward cement plants, an oil refinery and road construction, as well as $1.2 million for a rivet-manufacturing base in Khabarovsk, about 800 kilometers north of Vladivostok.
The opportunities created by closer ties between the Belt and Road Initiative and the EEU should also interest European countries, he said, but the ongoing sanctions against Russia mean it will be hard for them to share the benefits.
Joerg Wuttke, president of the European Union Chamber of Commerce in China, said Russian efforts to improve the infrastructure along the Eurasian corridor would help Europe, not hurt it.
"The EU's relationship with Russia will not change. Members have made it clear that sanctions will remain," he said. "It's sad: there is a natural fit between Europe and Russia. For example, Europe has huge overcapacity in milk and Russia has a huge shortage of milk, but we cannot trade."
Wu Fei, a Russian studies researcher at the Center for China and Globalization, a think tank, said even though the European economy will be affected by the United Kingdom leaving the EU, the bloc could still have a strong influence on cooperation between the EEU and the Belt and Road Initiatve.
The two initiatives are complementary, he said: the biggest issue for the Chinese strategy is that there are not many investment projects along the Silk Road Economic Belt that can generate quick returns. However, there are plenty of opportunities in EEU countries.
Experts believe Moscow is also hoping the coordination will lead to further cooperation agreements, such as a pan-Eurasian partnership with European nations.
Chris Cheung, director of the EU SME Center, a think tank in Beijing, said China will be a key element if such a relationship is to be realized.
Despite China's economic slowdown, the EU's interest in the Chinese market is still growing, not least because of central government policies aimed at stimulating domestic consumption to fuel growth, he said.
China's industrial supply chain is also being transformed, Cheung added, meaning new technologies will be required to support advanced processes, whether that is machinery or internet software, creating opportunities for innovative European businesses.
As an example of that, Wu cited investment projects in Yekaterinburg, such as a business park currently under construction, that deliberately targeted Chinese enterprises.
"If the Belt and Road Initiative and the EEU can establish dialogue mechanisms, as well as combine the manufacturing and consumption of several countries in an integrated strategic alliance, with China, Russia and Europe all involved, a real pan-Eurasian partnership could happen," he said.
