ST. PETERSBURG, Russia, June 16 (Xinhua) — Russia, South Korea and Singapore signed a cooperation deal on developing nanotechnology Thursday.
A memorandum of understanding signed Thursday on the sidelines of the 2011 St. Petersburg International Economic Forum broadens investment in the Asia Nanotechnology Fund, which was set up last September by the Russian Corporation of Nanotechnology (RUSNANO), the Singaporean Economic Development Board (EDB) and Singapore-based investment group 360ip.
Others contributing to the fund pool under Thursday’s MoU will be the South Korean Economy Ministry’s Institute for the Advancement of Technology (KIAT), the St. Petersburg municipality and South Korea’s Samho Green Investment Venture Capital.
The nanotechnology cooperation fund, to be based in South Korea as a limited partnership, is expected to start with a capitalization of 100 million U.S. dollars.
It will invest in nanotechnology-related projects in their growth and expansion stages, with some funds earmarked for nanotechnology-related projects in their start-up stages.
“The fund is a mechanism for finding promising technologies in Russia and Asia alike,” RUSNANO CEO and chairman Anatoly Chubais said. “This strategic partnership will help us promote Russian high-tech products in international markets.”
EDB deputy managing director Choon Shian Tan agreed with his Russian partner, saying: “We are pleased the Asia Nanotechnology Fund has attracted new investors. This is a significant milestone since the Memorandum of Understanding signed last year between RUSNANO, 360ip and EDB.”
KIAT executive vice president Yeong Cheol Seok said: “KIAT is very excited to be a significant investor in the Asia Nanotechnology Fund to support cooperation between the nations and to promote international market opportunities.”