The Roscongress Foundation will become a partner in the Far East High Technology Fund
The Roscongress Foundation and the RK Investments Fund are to become participants in the joint investment fund which was established by the Far East Development Fund, the Russian Venture Company and RUSNANO to finance high-technology and innovative projects.
The agreement on the RK Investments Fund joining the Far East Fund for Development and Implementation of High Technologies, as a member and participant in the Far East High Technology Fund Management Company, was signed during the Saint Petersburg International Economic Forum, by its parties: the Roscongress Foundation, represented by the Foundation’s Director, Alexander Stuglev, the RK Investments Fund, represented by its Director, Alexander Shatirov, RUSNANO, represented by the Chairman of the Board of RUSNANO Management Company, Anatoly Chubais, the Far East and Baikal Region Development Fund LLC, represented by its General Director, Alexey Chekunkov, and the Far Eastern High Technology Fund Management Company, represented by its General Director, Ruslan Sarkisov.
The Far East High Technology Fund was founded in 2018, in fulfilment of an order issued by Vladimir Putin, President of the Russian Federation, on the development of high-technology manufacturing and innovative projects in the Far East. The initial investors in the Far East High Technology Fund were the Far East and Baikal Region Development Fund JSC (part of VEB), RUSNANO Management Company LLC and the Russian Venture Company (RVC). The current capital of the Fund is 5 billion roubles, and its target capital is 10 billion roubles.
RK Investments undertakes to organise investments and will seek out a foreign investor to join and contribute funds to the Far East High Technology Fund.
“The Far East Fund for Development and Implementation of High Technologies was founded in 2018, under the management of the Far East High Technology Fund Management Company LLC. The initial capital of the Fund was 5 billion roubles, and, in accordance with the original plan, this amount is to be increased by attracting capital from banks and strategic investors. RK Investments’ inclusion will allow the project to attract further funds, including from foreign investors,” commented Alexander Stuglev, Director of the Roscongress Foundation.
“Admitting RK Investments as a participant in the Far East High Technology Fund will enable a substantial increase in the capabilities and range of the instruments which the Roscongress Fund Group can use in implementing investment and business projects. The RK Investments Fund will help the Far East High Technology Fund seek out and select projects in the following key areas: investments in the transfer of technologies from abroad, with a particular focus on import substitution, the manufacture of new types of finished goods with a high added value, innovative start-up projects, and infrastructure projects. The RK Investments Fund will seek out a foreign partner, to join the Far East High Technology Fund: having such a foreign investor will enable the Fund to grow quickly and attract international know-how to the Fund’s projects,” said Alexander Shatirov, Director of the RK Investments Fund.
“Together with our partners from the Far East Development Fund and RVC we have been able to launch an investment fund which is already financing high technology companies in the Far East. The Fund has quite a wide range of projects in the pipeline: under the project plans these will be developed in the Far East, among other regions. The inclusion of RK Investments and foreign partners in the Fund is proof that the instrument we have created is successful and that there is demand for it in the investments market,” said Anatoly Chubais, the Chairman of the Board of RUSNANO Management Company.
Alexey Chekunkov, General Director of the Far East and Baikal Region Development Fund, highlighted the important role of investment support for key projects: “In the Far East a large number of promising projects in different high technology manufacturing sectors are under way, and new projects involving the introduction of modern technologies for mineral extraction and processing are being developed. Our task is to attract more investment in these promising and strategically important projects and to speed up the development of the region.”
“RK Investments has a wide network of business contacts and its inclusion in the Fund will open up an array of new possibilities for projects in the Far East and for their development at a national level, and on international markets,” commented Ruslan Sarkisov, General Director of the Far East High Technology Fund Management Company JSC.
Work to establish nanotechnology infrastructure and carry out educational programs is fulfilled by RUSNANO’s Fund for Infrastructure and Educational Programs, which was also established during the reorganization of the Russian Corporation of Nanotechnologies.