Moscow University, American Exigent Set up Joint Hi-Tech Venture

A joint Russian-American hi-tech company will be created at the Moscow Mikhail Lomonosov University. An investment contract will be signed with the Exigent Computer Group, Inc. of the US. This is according to what Victor Sadovnichy, Moscow University's Rector said at a press conference on Friday.

The Rector further said that the project was valuable in that Russia's young professionals would be given a shot at self-realisation without leaving the country, adding that the new company would be able to employ about 2,000 alumni of the university. Mr. Sadovnichy noted that brain drain remained a serious problem for Russia, about 20% of his university's graduates leaving the country to seek their fortunes elsewhere.

The Rector expressed willingness to sign the contract anytime, the Exigent Computer Group, Inc. being a highly reputable company whose representative did not accompany President Bush on his visit to Russia for nothing.

Mr. Sadovnichy believes that annual costs not exceeding about USD 50 million, the joint project would pay for itself over no more than 10 years. The American party, he said, would undertake the construction and equipment of the building, which would remain the university's property.