Russia's Skolkovo Foundation, China’s Cybernaut Set Up $200Mln Venture Fund

BEIJING (Sputnik) – The agreement aims to create a joint Russian-Chinese business incubator, center for robotics and venture fund. Under the agreement, at least 15 Skolkovo resident companies will have access to the business incubator, which would deal with research and development. The Russian-Chinese venture fund will focus on companies from IT field and robotics, as well as space technologies and telecommunications, the statement said.

The agreement was signed within the Russia-Chinese forum “Big opportunities for small- and medium-sized enterprises,” held between April 21 and April 22 in Beijing.

Russia and China have recently boosted bilateral cooperation. In February, Chinese Vice Foreign Minister Cheng Guoping said that Bejing aimed to build up strategic partnership with Russia in finance, space and aircraft building, as well as boost trade cooperation. In 2015, the trade turnover between the two nations is likely to reach $100 billion, Chinese Foreign Minister Wang Yi said in March.