Russia-Japan Investment Fund to invest in coronavirus tests producer EMG
Moscow, May 6, 2020 - The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, announces that Russia-Japan Investment Fund (RJIF, established by RDIF, the Japan Bank for International Cooperation and JBIC IG Partners) joins the investment in the Russia-Japan coronavirus diagnostics system EMG – Evotech Mirai Genomics, which is one of the world’s fastest and most accurate systems and able to detect the virus in just 30 minutes.
The corresponding agreement was reached today. The joint efforts of RDIF and RJIF on this project were welcomed earlier by the Ministry of Economic Development of the Russian Federation and the Ministry of Economy, Trade and Industry of Japan. The project was discussed on April 8, 2020 during the talks between the Minister of Economic Development of Russia Maxim Reshetnikov and the Minister of Economy, Trade and Industry of Japan Hiroshi Kajiyama. Then Maxim Reshetnikov designated medicine as one of the priority areas for further cooperation. “This topic is of particular importance now to prevent the spread of COVID-19. Russia and Japan are participating in a joint project to develop an express test for coronavirus and literally at the end of March the first testing of the system took place," the statement said after the talks.
Completion of the investment is expected as soon as possible. Previously, RDIF invested in the production and distribution of EMG test systems. A range of test systems has been adapted both for stationary laboratories and unique portable mini-laboratories (the size of a small suitcase) that can be used anywhere. 40 leading Russian companies have already placed orders for more than 2 million EMG tests, which are made in Russia. The global demand for EMG tests exceeds 20 million units.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund, said:
“Our foreign partners have joined the common fight against coronavirus, which is the world’s major problem today. They see the true value of the system developed jointly by Russian and Japanese scientists. EMG test systems enable the detection of coronavirus with maximum accuracy, they are actively used in Russia and globally for early detection of the infection. RJIF’s investment will enable EMG to upscale production and develop more profound diagnostic systems. This will help increase the scale of testing and prevent the spread of the virus.”
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 80 projects with foreign partners totaling more than RUB1.8 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 has 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
Russia-Japan Investment Fund was established to pursue and implement attractive investment projects to promote economic, trade and investment cooperation between Japan and Russia. Priority sectors identified for cooperation include healthcare, the development of smart cities and sustainable technologies, energy, cutting-edge technologies, developing industries and exports in the Russian Far Eastern District, as well as other initiatives that will strengthen trade economic relations between the two countries. Further information can be found at www.rjif.org
For additional information contact:
Russian Direct Investment Fund
Tel: +7 495 644 34 14, ext. 2395
Mobile: +7 916 110 31 41
Andrew Leach / Maria Shiryaevskaya
Tel: +44 (0) 20 7796 4133