14.02.2013 [News]

Russia, Belarus and Kazakhstan set up Intergovernmental Innovation Centre

The three CIS partners Russia, Belarus and Kazakhstan are setting up an intergovernmental entity called 'The Eurasian Economic Community Innovation Technology Center Venture Company' (Innovation Technology Center for short), the Russian Venture Company (RVC) website reports.

In the deal, Russia is represented by the RVC InfraFund, a fund established by Russian Venture Company – the main national funder of innovation –to support infrastructure innovation.

The Eurasian Economic Community (or EvrAzES in Russian transliteration) consists of Russia, Kazakhstan, Belarus, Tajikistan and Kyrgyzstan. Three more former Soviet Union states, Armenia, Moldova and Ukraine, hold observer status.

The Innovation Technology Center is expected to focus on the following main areas:
  • support of companies and organizations in the Eurasian Economic Community member-states in incentivizing innovation, developing intellectual property (IP) protection mechanisms for R&D products resulting from the operation of companies in the member-states’ territories, and also in commercializing and transferring technology;
  • investing in the shares of legal entities both within and beyond the Eurasian Economic Community that develop and commercialize innovation;
  • search and screening of innovation projects in the Eurasian Economic Community member-states, which promise high returns;
  • search and raising of investment in companies that push innovation projects;
  • creation of environments that are conducive to developing new competitive production sites;
  • creation of environments that are conducive to developing a number of priority economic sectors in the Eurasian Economic Community member-states and to upgrading existing production lines.

The Center is being set up in compliance with the Eurasian Innovation System Development Concept endorsed by the prime ministers of the Eurasian Economic Community member-states on December 11, 2009.

Source: Marchmont News