They both saw great room for cooperation in terms of academic and cultural exchanges, information technology and environmental engineering.

Prior to his arrival, Tsang had said Hong Kong was "the ideal place" to sell the stock packages of Russian companies.

"I am sure many of our businessmen will seek possibilities to take part in privatization of Russian state assets as they have already done it in the Chinese mainland," said Tsang.

"They have money, so they will follow with attention which assets Russia offers for sale," he said.

"In current conditions our market is better than that in London, " Tsang said.

Russian aluminum giant RusAl held IPO in Hong Kong in early 2010. Twenty more Russian companies were considering the option of IPO in Hong Kong.

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