RDIF and Russian Government agree AI development

Press release, 05.09.2019

Vladivostok, September 5, 2019 - The Russian Direct Investment Fund (RDIF, Russia’s sovereign wealth fund) and the Russian Government have agreed to jointly develop the high-tech artificial intelligence (AI) sector, as part of the agreement signed today by CEO of RDIF Kirill Dmitriev and Deputy Prime Minister Maxim Akimov at the Eastern Economic Forum.

Under the terms of the agreement, RDIF will invest in Russian companies that create IT infrastructure and develop the AI sector, including supporting advances in cloud technology, data storage and processing centers. A key aim of the agreement is to attract the investments and expertise of international partners as well as to bring Russian AI companies to the global market.

RDIF will also become a platform for cultivating partnerships between Russian and international companies. This will include the creation of a center for the development of AI, in cooperation with Lomonosov Moscow State University which will draw upon the participation of leading international scientific research centers.

Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said:
“RDIF joins forces with the Russian Government to promote the development of one of the most promising sectors in our economy. The ability to attract international investment and expertise will stimulate the development of leading Russian AI-companies, and we will be able to establish a compelling case for bringing their various products and services to the world’s market. Integrated solutions built upon the partnership of fundamental science and advanced applied technologies will enable Russia to establish a leadership in the field of AI”.

Maxim Akimov, Deputy Prime Minister, said:
“We have major partners with commitments to invest in the development of AI technologies, data centers infrastructure, capacities, startups and much more. On the state side our partner is the Russian Direct Investment Fund, which will make these investments. The Government of the Russian Federation, for its part, will create all the necessary prerequisites for this: first of all, it’s a comfortable regulatory environment and the use of various instruments of state support, as stated in the agreement signed today”.

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Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF’s management company is based in Moscow. Currently, RDIF has experience of the successful joint implementation of more than 70 projects with foreign partners totaling more than RUB1.5 tn and covering 95% of the regions of the Russian Federation. RDIF portfolio companies employ more than 800,000 people and generate revenues which equate to more than 6% of Russia’s GDP. RDIF established joint strategic partnerships with leading international co-investors from more than 15 countries that total more than $40 bn. Further information can be found at www.rdif.ru

For additional information contact:
Arseniy Palagin
Russian Direct Investment Fund
Press Secretary
Tel: +7 495 644 34 14, ext. 2395
Mobile: +7 916 110 31 41
E-mail: arseniy.palagin@rdif.ru

Andrew Leach / Maria Shiryaevskaya
Hudson Sandler
Tel: +44 (0) 20 7796 4133