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China plans to participate in venture fund project in Belarus

27 February 2013

MINSK (BelTA) - China plans to participate in the venture fund project in Belarus, BelTA learnt from the State Committee on Science and Technology of Belarus.

The possibility of establishing Chinese-Belarusian venture fund was recently discussed by Chairman of the State Committee on Science and Technologies Igor Voitov and Vice President of China CAMC Engineering Co., Ltd. (CAMCE) Wang Yuhang.

According to Igor Voitov, the interaction between Belarus and China in science and technology has been very fruitful. The two countries have signed scientific and technical agreements which are of a framework character and define the main forms of cooperation, constitute the legal foundation for the development of contacts between R&D organizations of the two countries. The bilateral commissions on scientific and technological cooperation have been very efficient too. So has been the commission for high technologies set up in 2012. At the same time, according to Igor Voitov, innovations require adequate financial support. Therefore it is necessary to explore a variety of funding mechanisms, including venture financing.

In turn, Wang Yuhang stressed that Belarus has a great scientific potential and highly skilled staff, particularly in the field of IT, medicine, and biotechnology. "This is your main asset and advantage that you need to develop further," he said. “We are ready to provide certain benefits and financial support to the Belarusian side with the development of the Chinese-Belarusian Industrial Park, and help you attract highly skilled professionals from around the world,” he added.

According to the Director of the Belarusian Innovation fund Alexander Shumilin, the Belarusian fund plans to take part in the financing of projects to create new high-tech products. “We finance innovative projects, and works related to the manufacture of high-tech products. We also want to launch the venture financing mechanism through the Belarusian fund,” he explained. About 100 projects have already been implemented in medicine and healthcare, environmental protection, energy saving and efficient use of energy, microelectronics, instrument and machine-building. Gorizont Company carried out the Belarusian-Chinese project to start the manufacture of household appliances. ZTE Corporation is studying the possibility of participation in the project for the monitoring center for public safety.

The parties agreed to prepare and sign a tripartite agreement on cooperation in the near future and also to prepare proposals for the tender to select bilateral projects.

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Ministry of Foreign Affairs of the Republic of Belarus