Russia, China to establish research and technology innovation fund amounting to $1 bln

The Russian Direct Investment Fund (RDIF) and the China Investment Corporation (CIC) will set up the Sino-Russian research and technology innovation fund worth $1 bln.

The Sino-Russian research and technology innovation fund will support projects aimed at development of new technology in key branches of Russian and Chinese economies with the focus on market commercialization. The fund will also make possible to focus on growing opportunities of technological exchange between Russia and China and promotion of cross-border innovation projects implemented by Chinese and Russian companies, RDIF says.

"The Russia-China research and technology innovation fund will help to significantly broaden the range of areas, where interaction with our Chinese colleagues is carried. We expect its operations will make possible to make a significant contribution into development and rollout of the most state-of-the-art technologies and solutions for development of economies of our countries and further strengthening of the partnership," RDIF Chief Executive Kirill Dmitriev said, cited by the press service.

RDIF and CIC established the Russia-China Investment Fund (RCIF) in 2012, which invested over $7 bln into more than 30 projects, with accounting of funds of the partners.

Source: TASS