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Wednesday, July 20, 2016

Russia FPM Visits China’s LeEco after Putin Welcomes Tech Giant to Russian Market


In preparation of Russian President Vladimit Putin’s state visit to China beginning Saturday June 25, First Deputy Prime Minister Igor Shuvalov, who heads the Russian panel on the China-Russia Investment Committee, paid a visit to the corporate headquarters of Leshi Internet Information & Technology, also known as LeEco, in Beijing’s Chaoyang District the day before, on Friday June 24. There he was taken on a guided tour of the facilities and even got to try out the consumer electronics company’s various cutting edge products: from watching their Smart TV sets and virtual reality, testing the in-demand Le-series mobile “super-phones”, and even taking a ride on the LeSEE Super EV self-driving electric car.

Speaking to LeEco representatives, Shuvalov reiterated President Putin’s statement from the
20 th St. Petersburg International Economic Forum last June 17 to guest attendee Jia Yueting, founder and chairman of LeEco, who had announced his company’s marketing plan for Russia during the event. The Russian president had been appreciative of the Chinese tech giant’s investment in the country and pledged his official support, guaranteeing a favorable environment for LeEco’s investment and future development. The first deputy prime minister then extended a welcome to other Chinese companies to invest in Russia, promising the same guarantees Putin gave.

During the hour-long tour of LeEco headquarters, Shuvalov and Economic Development Deputy Minister Stanislav Voskresensky, along with other Russian officials briefly met with LeEco Co-founder and Vice-Chairman Liu Hong at the company’s Product Experience Center. Also present was Xu Xinquanwho is to become president of a new subsidiary that LeEco shall be establishing in Russia: LeEco Russia and East Europe or LeREE.

The year 2016 has been LeEco’s time of globalization. Ever since entering India and North America, the online technologies giant has indicated several times that Russia, an important hub for its plans in Eurasia, would be its next designation.

In 3-5 years, LeEco plans to invest $50 to 100 million into Russia within 3 to 5 years and aims to bring their comprehensive “Le Ecosystem” online platform model for content, devices and applications to the country. With an enormous base of internet users, Russia is poised to become one of LeEco’s significant and strategic markets in its global expansion plan. First Deputy Prime Minister Shuvalov gave recognition to LeEco’s unique “Le Ecosystem”, and hoped that LeEco would bring its powerful content platform, products and services to Russia, with the Russian government’s promised policy support and investment environment.

LeEco has also obtained exclusive all-media rights to the 2018 FIFA World Cup in Russia, and has reached a four-way agreement with the Institute of Internet Development (IID), the Russia Export Center, and JSC Digital TV Network.

Photo Credit to www.wsj.com

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