New trade routes are expanding between Russia and China. That’s according to Russia’s Far East Development Fund, which said an agreement has been made with Chinese technology company LeEco to develop an eCommerce platform focused on increasing food exportation to China.
LeLive, the name of the new platform, will broaden and increase sales of Russian agricultural items and products in the Chinese market. Facilitated by LeEco’s online platform — called “Le Ecosystem,” which has a monthly connection with more than 800 million users — the goal of the platform is to meet Chinese customers’ needs. Russian goods that will be available through the platform range from basics, like flour, butter and honey, to assorted beverages, sweets, canned meats and nuts.
China’s LeEco originally began as a digital content provider and recently acquired Vizio. Some have nicknamed LeEco the “Netflix of China.” Over time, LeEco expanded further into digital offerings, from music streaming, to mobile phones, to cloud storage, to film distribution.
The Russian government runs and finances the Far East Development Fund, which has chartered capital of 15.5 billion rubles (about $237 million). The organization also recently announced that a new $6.5 billion railway system is in production, with a completion date of 2025.
