Medvedev to trade energy for investment

Beijing: President Dmitry Medvedev will seek to use Russia's energy might to win Chinese investment in his drive to modernise the nation's economy as he travels to China for the annual summit of Brics nations.

Medvedev will meet with the leaders of Brazil, India, China and South Africa today in Sanya, China's southernmost city, attend the Boao Forum for Asia's annual conference and visit Hong Kong, according to the Kremlin. He also plans bilateral talks with Chinese President Hu Jintao.

"He will try to make China a source of investment and technology, not just a vacuum cleaner for Russian resources," said Fyodor Lukyanov, an analyst at the Council on Foreign and Defense Policy in Moscow.

China, the world's biggest energy consumer, became Russia's top trading partner last year, with trade jumping 50 per cent to $59 billion, according to the Russian Economy Ministry. Energy accounted for more than 55 per cent of exports to China. Medvedev expects trade to reach $100 billion in the near future, he said in an interview with China Central Television released yesterday.

While relations are at their highest point, the two countries should focus on new areas of investment and create joint ventures, Medvedev told CCTV. The president sought China's help in modernising the economy when he visited Beijing in September. He brought home mostly energy deals.

Russia promised to supply China with all the natural gas it needs for economic development under an agreement signed in September, Dep-uty Prime Minister Igor Sechin said at the time. Deliveries may start in 2015 as China seeks to triple use of the fuel by 2020.