BEIJING, April 21. /TASS/. Russia and China will set up a joint capital venture fund in the amount of $ 200 million, a Russian-Chinese forum on opportunities for medium-sized and small businesses was told on Tuesday.
An agreement on setting up a new financial entity was signed by the Skolkovo fund of Russia and China’s Cybernaut Investment Group. Apart from the venture capital fund, the two countries will create a joint business incubator and a center of robotic technologies on the territory of Skolkovo center for innovations.
"I believe we will see the first companies arriving in a year-and-a-half or two years if we work together rather intensively," Russian Deputy Prime Minister Arkady Dvorkovich told reporters on Tuesday. "The Chinese side considers this project a good opportunity for advancing their entrepreneurs in Russia," Dvorkovich noted. "For us this is another element of our biggest innovation center," adding to the possibilities created by Skolkovo, he said.
The project will take off the ground in the third quarter of this year.
"Agreement between Skolkovo and Cybernaut Investment Group marks an important step in Russian-Chinese cooperation in the field of innovations," Russian Deputy Prime Minister Arkady Dvorkovich told the forum.
He said Russia had always been distinguished by the high standards of research activity while China had accumulated huge experience of streamlining innovative technologies in the manufacturing sector.
"I’m confident Russia and China will score big success along the way of innovations and will thus contribute to their economic development," Dvorkovich said.
The Russian-Chinese forum on opportunities for small and medium-sized businesses has been organized with assistance from the Russian Ministry of Economic Development, the Russian-Chinese Friendship Committee, the Russian-Chinese Business Council, the Russian Agency for Facilitation of Small and Medium-Sized Business, and the Chinese association for planning production abroad.