Belarus in Talks to Set Up Joint Venture Fund with Iran

Belarus is holding talks on setting up joint venture funds with Iran and China, Deputy Economy Minister Pavel Utyupin told BelTA in an interview. “The work to set up joint venture funds with China and Iran in the future is in progress,” Utyupin said.

“The selection of such projects is underway. As of today, more than 50 investment requests to the tune of Br100 million ($5,157) have been submitted for consideration.

Four requests in medicine and information technologies have been already considered and selected. We expect to launch at least 1-2 pilot projects by the end of 2017.”

Utyupin stressed that the development of new kinds of investment, including venture investments, is a crucial element of the national innovative system development in accordance with Belarus’ Social and Economic Development Program for 2016-20. At the end of 2016, an agreement on setting up the Russian-Belarusian fund of venture investments amounting to RUB1.4 billion ($24.34) was signed, half of which was provided by the Belarusian Innovation Fund and the rest by a Russian venture company.

The Russian-Belarusian fund will provide financing to support projects with innovative technologies designed in Belarus and Russia for targeting the common market.