The president of the southern Russian republic of Chechnya said on Friday that business representatives from the republic and China would discuss investment projects in the region this year.

Speaking at a press conference in Moscow, Chechen President Alu Alkhanov, who accompanied Russian President Vladimir Putin during his visit to China earlier this week, said the Chechen government, Russia's Vneshekonombank, and the State Development Bank of China had signed an agreement on investment cooperation in Beijing.

The agreement would lay the legal foundation for Russia-China economic and trade cooperation in Chechnya, he said, adding that he believed it would yield significant results.

Alkhanov said he would head a Chechen delegation to China in April or June to discuss the plan and that he expects a Chinese business delegation to visit Chechnya this year.

The Chechen leader also expressed his admiration of China's economic achievements, saying China had become an economic powerhouse in the Asia-Pacific region and was playing an increasingly important role in the world economy.

Source: Xinhua