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Belarus, China to create center for innovative technologies

A framework agreement on the establishment of the Chinese-Belarusian center for innovative technologies in the area of industrialization of science and technology was signed during the Minsk Belarus-China forum on commercialization of science and technology, BelTA has learned.

The State Committee on Science and Technology, the National Academy of Sciences, the Chinese-Belarusian Industrial Park Great Stone and the financial funds of China signed a framework agreement on industrial, financial and research cooperation.

An agreement of cooperation was signed by the Belarusian Innovation Fund and 10 venture capital companies of to develop the market of direct and venture investments in the PRC and Belarus.

Chairman of the State Committee on Science and Technology Alexander Shumilin said that new technologies and new financing schemes must contribute to the successful operation of the Industrial Park Great Stone and the overall development of the Belarusian-Chinese cooperation. However, Belarus does not yet have market schemes of commercialization of science and technology. “The venture market in Belarus is in its nascent stage. It is vacant. If we attract Chinese venture capital funds, the market will develop more quickly,” he said.

Summing up the forum, Belarus’ Deputy Economy Minister, the interim head of the administration of the Chinese-Belarusian Park Industrial Park Great Stone Alexander Yaroshenko noted that Belarus is interested in implementing a wide range of innovative projects jointly with China. Prospects for cooperation in innovations, venture investment, commercialization of the results of scientific and technological activities are huge,” Alexander Yaroshenko said. 

In his view, the agreements signed at the forum should provide a sound basis for interaction of Belarus and China, and should help achieve significant practical results for each of the parties. To this end, the Economy Ministry will continue working to create the conditions for innovative entrepreneurship, cluster development of the national economy and development of the high-tech sector.