Russia and China to launch joint Technology Investment Fund worth $1 bln - RDIF
The Russian Direct Investment Fund (RDIF) and China Investment Corporation (CIC) announce the agreement of the key terms to establish the Russia-China Technology Investment Fund with a target capital of $1 bn, RDIF said in a press release on Tuesday.
The agreement was signed on Tuesday in the presence of the Russian Prime Minister, Dmitry Medvedev and the Chinese Prime Minister, Li Keqiang.
According to the press release, 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.
"We join forces with our colleagues from CIC to support companies producing products and solutions in advanced technologies and ensure innovative breakthroughs for our countries. Through the Russia-China Technology Investment Fund we will demonstrate the case for strengthening the partnership between the two countries, with innovations that will support economic relations more widely," head of RDIF Kirill Dmitriev said as quoted by the press release.
According to the press release, this is the second joint investment fund between the parties. In 2012 RDIF and CIC established the Russia-China Investment Fund (RCIF), which today has over $7 bn of investment with partners in more than 35 projects. Since its creation, RCIF has become a key link in developing cooperative investments between Russia and China.