Russian Venture Capital Association (RVCA) and China Venture Capital and Private Equity Association signed a memorandum of cooperation and understanding within the framework of the third Forum "Global Innovation Partnerships", held in Moscow on October 2–4, 2012. This was reported by RVCA Executive Director Albina Nikkonen.
"We look forward to the intensification of contacts with our Chinese colleagues. After three days of the forum, it became apparent that we have a great potential for the development of mutually beneficial cooperation in the field of venture capital investment. Chinese colleagues have shown great interest in our projects. In our turn, we find their experience in the development of investment in innovation extremely useful," — said Albina Nikkonen.
According to A. Nikkonen, RVCA will continue developing business contacts with the Chinese side at Venture Fairs organized by RVCA annually since 2000 as a major annual event for professionals in the domestic market equity and venture capital.
The signed memorandum "will promote cooperation in support of innovation and transformation of intellectual and educational resources into commercial ones".
"The Parties will create the necessary conditions for innovative technology entrepreneurs, venture capitalists and private direct investors from China and the Russian Federation to be able to build a mutually beneficial relationship," states the memorandum.
RVCA was founded in 1997 as the National Association of Venture Capital Industry in Russia and has played a leading role in promoting and supporting the industry in the country and in individual regions. CVCA was founded in 2002 to protect the interests of investors and to facilitate progress and healthy and sustainable development of venture capital and direct investments in China.
RVCA organizes Venture Fairs since 2000. To date, there were 13 Russian Venture Fairs — in St. Petersburg, Moscow, Perm, Irkutsk, — and nearly 20 regional venture fairs — in Kazan, Novosibirsk, Rostov-on-Don. Each year Fairs attract heads of the largest investment management institutions, venture capital funds and private equity funds, banks, consulting firms, business angels, managers and owners of innovative small and medium businesses, journalists and politicians from Russia, Europe, USA and other countries.