Opportunities in Russia’s ‘Silicon Valley’ out of this World

Heralding the stellar partnership possibilities in Russia for British firms, the company charged with creating a $6 billion hi-tech research hub in Moscow, the Skolkovo Foundation visited the UK on 14th and 15th February. The Roadshow, organised by UK Trade & Investment and the UK Science and Innovation Network, will showcase the many opportunities for British companies in everything from space-age innovation to biomedical research.

Over a hundred UK companies, research organisations and academic institutions had the chance to discuss Russia’s ambitious future plans and funding opportunities for joint projects with the Skolkovo Foundation’s senior executives and its highly influential President, Viktor Vekselberg. These plans centre on a $6 billion investment by the

Russian Government to create a modern science park, dubbed Russia’s ‘Silicon Valley’, on the outskirts of Moscow. Part-funded by the Russian Government, the Skolkovo Foundation will build a hub to modernise Russia’s technology base. The Foundation is focusing on five clusters; space and telecommunications, IT, nuclear, biomedical and energy

efficiency. This event comes after the Minister for Trade & Investment, Lord Green, signed an agreement with the Skolkovo Innovation Centre on scientific co-operation between the UK and Russia, as part of his visit to Moscow last year. The Roadshow is an important first step in bringing about greater scientific and hi-tech collaboration between the two countries.

Lord Green said: “Russia’s future is high-value and hi-tech. This event showcased the unique opportunities in  Russia’s ‘Silicon Valley’ for UK hi-tech companies, with all their expertise in innovation and creativity. They are well-placed to build a lasting partnership with Russia, which will be of great mutual benefit.”

Viktor Vekselberg said: “We want the UK to play a major role in this once in a lifetime project, opportunities of this scale cross national borders and need international partners to thrive. Innovation is key to modernising Russia’s economy. We have big plans and working together with British companies, we can make these a reality.”

UK goods exports to Russia increased by 51% in 2010 to £3.5 billion and increased by 63% to £2.1 billion in the first six months of last year (1 January – 30 June).

Since 2001, UK-Russia trade has been growing by an average of 21% year on year.