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Changsha nails $10m deal with Russian retail giant

Updated: 2017-07-31

 

A $10 million deal on tea and canned foods was nailed down between Changsha-based Super Industrial Co and Russia's largest retailer, Magnit, on July 30 in Changsha, Hunan province capital.

 

Magnit also reached cooperation intention agreements on a further 79 agricultural and light industrial products with Changsha enterprises, Hunan Daily reported.

 

Aleksandrov Aleksandr Vitalievich, from Magnit, said that Russia is in great demand of products with excellent quality and a reasonable price. He added that his tour on July 27 in Changsha focusing on foods and light industrial products.

 

Changsha-based Super Industrial Co and Russia's largest retailer, Magnit, sign a $10 million deal on tea and canned products on July 30, in Changsha, Hunan province capital. [Photo/Hunan Daily]

 

Founded in 1994 in Krasnodar, Magnit has today become the largest retailer in Russia with a total trade value of $5 billion with China in 2016, Vitalievich said.

 

"This deal marks an active move for enterprises taking part in the construction of the Belt and Road Initiative," said Dai Zhongya, director of the Ningxiang National Economic & Technological Development Zone.

 

The deal will prove a boost to bilateral business development and will have Russian people drinking tea and eating pork from Ningxiang, while people in Hunan will taste Russian specialties such as vodka and chocolate, according to an official from Magnit.

 

Aleksandrov Aleksandr Vitalievich, of Magnit, delivers a speech at the signing ceremony, on July 30. [Photo/Hunan Daily]

 

Source: Hunan Daily