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LeEco all set to enter Russian market; will invest $100 million

Speed News Desk | Updated on: 10 February 2017, 1:50 IST

LeEco is riding high on its ambitious globalisation plans. The company has taken a momentous step towards promoting economic and cultural ties between China and Russia.

LeEco signed a quadripartite memorandum with Institute of Internet Development (IID), Russian Export Center and JSC Digital Television to export Russian media content to China and other markets and build Le Ecosystem in Russia.

With the introduction of its unique vertically integrated ecosystem in Russia, LeEco will provide Russian users an all-new experience delivered through the internet, smart devices, smart applications and cloud.

For its foray into the Russian market, LeEco plans to invest over $100 million.

As the world's fastest-growing internet ecosystem company over the past year, LeEco plans to set up its Russia office in the summer of 2016 which will be responsible for the building of Le Ecosystem in Russia.

With the signing of the memorandum, in line with its efforts of making a strong mark for itself globally, LeEco will synergistically combine its powerful business ecosystem and Russia's rich media content resources to expand in the Russia market and further reinforce LeEco's global competitiveness.

The signing of the MoU was done in the presence of LeEco Co-Founder and Vice Chairman, Liu Hong and IID Chairman, Herman Klimenko and Russian President Vladimir Putin's special adviser on internet-related affairs.

Liu Hong, together with Li Hui, also attended the signing ceremony for Chinese-Russia strategic movie cooperation and the ceremony for the appointment of Victor Xu, CEO of LeEco Russia and Eastern Europe, as Advisor to the General Office of the President of Russia.

The memorandum will provide an action framework for the promotion of Russian movies, TV dramas, animations and other video products in China and other markets. In addition to providing a globally accessible platform for the distribution of Russian content, LeEco will assist Russian partners in content localisation such as translation, licensing and authorisation in China and other countries.

-With agency inputs

First published: 25 May 2016, 12:33 IST