In a big move for Sino-Russian economic relations, the Skolkovo Foundation outside Moscow and China’s Cybernaut Investment Group have signed a $200 million agreement to create a joint Russian-Chinese business incubator, robotics center and venture fund. The 1,500-square-meter R&D center will be at the Skolkovo Center and will house at least 15 Skolkovo resident companies that are conducting research into IT and robotics, space, energy-efficiency technologies and new materials.
The Cybernaut robotics center will be created in China with Skolkovo’s help and will implement a joint acceleration program for Skolkovo resident companies to introduce them into the Chinese market. Additionally, a $200 million Russian-Chinese venture fund will invest in Skolkovo resident companies that specialize in IT and robotics and also in space and telecommunication technologies. The deal was announced this week at a forum in Beijing; the agreement comes into force in the third quarter of 2015.
The tie-up comes with the strong support of the Russian government and may presage further innovation deals between the two world superpowers. Arkady Dvorkovich, the Deputy Prime Minister of Russia called it an ‘important step in the development of Russian-Chinese cooperation in the area of innovations’ and cites the expertise of both countries in making it work.
“In recent years China has made great breakthroughs in the development of high-tech, created large technoparks and successfully developed its own high-tech corporations, some of which have become global brands. “Russia, for its part, has always excelled in scientific research. We have serious know-how in the area of nuclear, space and information technologies. I am certain, that by uniting efforts, Russia and China can reach substantial success in the development of innovations and thereby make a significant contribution into our mutual economic development”, he said.