Russian, Chinese State Investment Agencies Agree to Launch Joint Technology Fund
MOSCOW, September 17 (Sputnik) - The Russian Direct Investment Fund (RDIF) and China Investment Corporation (CIC) agreed on Tuesday on the key conditions for launching the Russia-China Technology Investment Fund with a target capital of $1 billion.
"The Russia-China Technology Investment Fund is intended to support projects aimed at the development of advanced technologies in core sectors of the Russian and Chinese economies, where each partner will provide investments on a matching basis. One of the key focus investment areas for the fund will be the development of high technologies including artificial intelligence," RDIF said in a statement.
The agreement was signed in the Russian city of St. Petersburg in the presence of Russian Prime Minister Dmitry Medvedev and Chinese Premier of the State Council Li Keqiang.
"We are keen to work with RDIF to explore the cross-border technology investment opportunities in our countries. The Russia-China Technology Investment Fund could tap into the great potential of the technological cooperation between the countries, and through our investments, we hope to benefit the people of our countries while promoting global technological progress," Ju Weimin, vice chairman and president of CIC, said as quoted in the statement.
RDIF CEO Kirill Dmitriev said that the new fund would demonstrate efforts to strengthen the partnership between Russia and China.