July 9, 2015, the document was signed by Igor Agamirzian, CEO of the Russian Venture Company (RVC), and Xu Xiaoping, Chairman of the Venture Committee of Chinese Association for Promotion of Science and Technology (the Committee). The agreement was officially signed at the international industrial exhibition INNOPROM. This year, a partner of the event, for the first time in its history, was the People’s Republic of China, one of the strongest and fastest-growing economies in the world. The agreement will form the basis for long-term partnerships between RVC and the Committee.
The main strategic field of cooperation between the parties will be the involvement of Chinese and Russian investors in joint venture projects in the Russian Federation and China. Through the partnership, the parties will join their efforts in promoting products of innovative and industrial enterprises in the Russian and Chinese markets, commercialization of innovative technologies and projects, and expert support to supplies of modern industrial equipment to the enterprises to modernize production facilities and transfer innovative technologies.
The agreement pays significant attention to establishment and expansion of business relations between representatives of technology businesses in Russia and China, as well as training and advanced training of professionals at various levels (heads of governmental agencies, industry enterprises, engineering and technical personnel, and faculty members of universities) on the basis of Russian and Chinese innovation centers.
The parties are going to scale development of each of the areas in the nearest future. For this purpose they are going to create a Russian-Chinese Work Group.
Igor Agamirzian, CEO, RVC, said, "Today's signing of the agreement on cooperation between the two development institutions will be to the benefit of the venture capital systems of both Russia and PRC. Recently, venture capital investments in Russia and China are developing rapidly. They are a fast-growing segment of the economy. Therefore, the both parties are interested in mutually beneficial cooperation in maintenance of the high growth rate of technology businesses, as well as in involving interested foreign partners in creation of technology alliances and implementation of promising projects."
The Venture Committee of Chinese Association for Promotion of Science and Technology (the Committee) is an important platform for promotion of innovation in PRC. It was created in 2000 by Chinese Association for Promotion of Science and Technology in collaboration with the Centre for Development of High-Tech Industry "Fakel" at the Ministry of Science and Technology of PRC. The objectives of the Committee are uniting venture capital organizations across the country, development of communication platforms in the field of venture capital investment, and encouraging development of innovation and high-tech industries. In addition, the Committee is responsible for organizing national and international events to share experience and integrate efforts to develop the venture capital industry, conducting market research, organizing training programs, and provision of analytics and strategic reports to state institutions to develop a venture entrepreneurship policy.
The agreement signed is another step in development of cooperation between Russia and China in the field of innovation. Last year, PRC was a partner of the International Forum "Open Innovation" held in Moscow. The plenary sessions of the Forum were attended by Premier Li Keqiang together with Prime Minister Dmitry Medvedev. In October 2014, it was followed by a symmetrical response - RVC delegation together with representatives of the Ministry of Economic Development and the Ministry of Education and Science of the Russian Federation, Skolkovo Foundation, and members of the academic and business communities of the Russian Federation took part in the Russian week in China, during which the Sino-Russian conference "Innovation as a Key to Cooperation" and the VIIth International Innovation Forum "Pujiang" were held.
Lin Ning, Secretary-General of the Venture Committee of Chinese Association for Promotion of Science and Technology, said: "The volume of mutual investments between the two countries is relatively small when compared with the volume of trade and cooperation in the energy sector. Therefore our two countries need to pay close attention to creation of special mechanisms to promote mutual investments. New instruments on the Chinese stock exchange offer foreign enterprises registered in China and joint ventures the same conditions for entering the stock market, as they do to Chinese companies. This means unique opportunities to access Chinese capital, and also enables companies to transfer global technology and safely enter the receptive Chinese market."
Another cooperative initiative this year will be participation of Russian IT companies in the Mobile World Congress in Shanghai - one of the world's key IT events. The Russian delegation is to visit on July 15-17. The visit is organized by RVC in cooperation with RUSSOFT NCE supported by the Ministry of Communications and the Media of the Russian Federation and the Trade Representation of the Russian Federation in China.
RVC OJSC is a state fund of funds, development institution of the Russian Federation, and one of the key tools of the state in creating national innovation system. The authorized capital of RVC OJSC is more than RUB 30 bn. 100% of the RVC's capital belongs to the Russian Federation represented by the Federal Agency for State Property Management of the Russian Federation (Rosimushestvo). The total number of funds formed by RVC has reached 21, their aggregate size is RUB 29 bn. The share of RVC OJSC is RUB 18.3 bn. The number of innovative companies approved for investment by RVC funds has reached 174. The total volume of approved investments is RUB 16.2 bn.