Gov't to consider development for venture investment in 2003

The Russian government will consider a concept of developing venture investment in Russia in March 2003, Ilya Klebanov, the Minister of Industry, Science and Technology, told journalists today. According to him, this sector has only recently gained the government's attention, although it has already existed for 10 years in Russia.

The draft of the concept was approved by the Board of the Ministry of Industry, Science and Technology on October 30, 2002. The concept is aimed at creating basic elements of the national venture investment industry and forming favorable economic and legal environment. At present, there are about 30 funds in Russia that make venture investments. Over the past ten years some EUR1.5bn have been invested in 250 small and medium-sized businesses in Russia.

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