Belarus and China have created a venture capital investment fund. It will finance start-ups and the so-called growth companies. This is stipulated by the agreement on cooperation, which was signed in Minsk on 28 December.
It is expected that the joint resource will start work as early as in 2017. The minimum amount of capital investments in the initial phase will be $20 million. The main objective of the fund is to promote innovative development of the Chinese-Belarusian Industrial Park "Great Stone". Symbolically, the document was signed in the Chinese-Belarusian center of commercialization of innovations, which opened on December 28.
Alexander Shumilin, Chairman of the State Committee on Science and Technology:
Today, we are is changing the concept of the Belarusian-Chinese industrial park a bit. Apart from creating big industries and companies at once we believe the creation of a business incubator could be useful (we are discussing this with the Ministry of Science and Technology of China). We would like to have a platform for our youth where start-ups could be created, technology practiced and prototypes created. And, of course, in parallel, we are looking for a Chinese investor. It is very important not only for Chinese investors, but also for the Chinese market.
Sergei Chizhik, first deputy chairman of the Presidium of the National Academy of Sciences:
If we talk about the first projects, they will concern unmanned aircraft joint ventures, instrument development, something in the field of electronics. We will actively work in the coming year in order to fill the infrastructure and the buildings that will appear there just by the end of the year.