Russia seeks investment from China and is also interested in expanding its market shares in the neighbor as bilateral economic and trade ties grow ever closer, Sergei Mironov, speaker of the Russian Federation Council, or the upper house of parliament, said Tuesday.

Bilateral trade between Russia and China is rising steadily, poised to hit US$26 billion to 27 billion this year, and the Chinese economy boasts great potential for further growth, Mironov told Xinhua in an interview ahead of his visit to China.

Mironov will lead a delegation of the Federation Council to visit China from September 24-26.

China is now a heavyweight investor abroad, and the Baltic Pearl real estate project in St. Petersburg, some 800 km northwest of Moscow, is a sign of growing investment ties between Russia and China, Mironov said.

The Baltic Pearl residential complex is the largest investment project in Russia led by a Chinese company, which would involve a total financing of US$1.3 billion.

As Russia attracts Chinese investment, it also tries to expand access to Chinese markets for Russian companies, and the two countries' legislatures can do more together to create a better legal environment for the businesses, the Russian parliament leader said.

Mironov praised the close cooperation between Russia and China in international affairs, saying the two countries have similar positions on UN reform and the Middle East and share the same views on Iraq and Afghanistan.

The two countries are promoting a multipolar world, he said.

Speaking on the influence of the Shanghai Cooperation Organization, of which Russia and China are both members, Mironov said the regional group's moves are watched by the rest of the world and urged member states to incorporate interparliamentary cooperation into the agenda of the organization.

Mironov said he had discussed interparliamentary cooperation with parliament leaders of member states Kazakhstan and Kyrgyzstan and will have talks on it with China's top legislator Wu Bangguo during his visit to China.

The Russian parliament leader also hailed the breakthrough at the fourth round of the six-party talks on the Korean Peninsular nuclear issue.

(Xinhua News Agency September 21, 2005)