The head of Russia's Republic of Kalmykia Alexey Orlov (R) meets with Chinese Ambassador to Russia Li Hui in Kalmykia's capital Elista on July 23, 2018. (Xinhua/Hu Xiaoguang)

MOSCOW, July 23 (Xinhua) -- Russia's Republic of Kalmykia looks forward to developing cooperation with China in all spheres under the framework of the Belt and Road Initiative and is ready to make preferential offers to the Chinese business community, the leader of the republic said on Monday.

"We would very much like to take a concrete part in economic cooperation, which is and will continue to develop along the Great Silk Road," the head of Kalmykia Alexey Orlov said in an exclusive interview with Xinhua.

Located in the southwest of Russia, Kalmykia is an agricultural republic with the agricultural sector, in particular the livestock farming, accounting for over a third of its gross regional product (GRP), according to Orlov.

The region also has significant fuel and energy resources and is now making the best of its capacities in other sectors so as to diversify its economy, he said.

This makes Kalmykia speed up looking for opportunities to cooperate with other countries including China.

"We would, of course, welcome if our friends and partners from China take advantage of the offers that we are now ready to make to the Chinese business community," he said.

Noting that Russian President Vladimir Putin supports China's Belt and Road Initiative most actively, Orlov said Kalmykia is more than willing to "take a most direct and concrete part in this project."

"We would like to participate in all spheres of Eurasian cooperation between Russia and China, and we are ready to create all the necessary conditions and provide opportunities for the implementation of this concept in Kalmykia," he said.

He noted that China is becoming an increasingly important partner to Kalmykia, saying, for instance, there is a significant amount of Chinese capital in its fledging power generation sector.

The republic is also looking forward to the participation of the Chinese business in the processing industry with its "vast experience", Orlov said.

In order to attract foreign investment, Kalmykia is now providing various preferences, such as a grace period for all types of taxes, free infrastructure services including electricity, power supply networks and land plots, as well as simplified procedures to reduce the time of granting permits.

"We are very patient and considerate to any investor. It does not matter if he comes with 1,000 dollars or with a million. This is our strategy, and I'm sure it will bring results in the future," he said.