The three former Soviet republics that now share the Customs Union of Russia, Belarus and Kazakhstan are setting up an intergovernmental entity called “Venture Company – Innovation Technology Center of the Eurasian Economic Community” – or Innovation Technology Center, for short.
Russia will be represented in the new entity by InfraFund, a fund established by RVC, the state-owned fund of funds dedicated to innovation.
The Eurasian Economic Community (EvrAzES in Russian transliteration) consists of Russia, Kazakhstan, Belarus, Tajikistan and Kyrgyzstan. Three more former Soviet Union republics, Armenia, Moldova and Ukraine, hold observer status.
The Innovation Technology Center is expected to incentivize innovation, develop intellectual property (IP) protection mechanisms, and stimulate technology transfers and commercialization.
The Center will also screen innovation projects in member states and invest in “entities both within and beyond the Eurasian Economic Community that develop and commercialize innovation.”
Source: RVC
