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Korea and Russia launch Innovation Platform to commercialize innovative and original technologies and nurture innovative companies (June 21)

- Korea-Russia Innovation Center to be hub of innovation cooperation

The MSIT announced that it opened the “Korea-Russia Innovation Center” on June 21, which will be an innovation hub for pursuing innovation, technology commercialization, and innovative business cultivation in two countries.

During the Korea-Russia summit in June 2018, the two countries agreed to establish the “Korea-Russia innovation platform,” which will combine Russia’s innovative and original technologies and Korea’s ICT and applied technologies to create new industries and markets.

The newly opened center will support technology cooperation and R&D between enterprises, exchanges among startups and SMEs, global expansion of companies in both countries, thereby facilitating the innovation ecosystem and growth of innovative companies.

The opening ceremony held in G Tower, Songdo IBD on June 21 was attended by Minister of Science and ICT You Youngmin, lawmaker and former Chair of the Presidential Committee on Northern Economic Cooperation Song Young-gil, Incheon Vice Mayor Heo Jong-sik, and Chairman of the National Research Council of Science and Technology Won Kwang-yeon.

Key Russian figures, such as Deputy Minister of Economic Development Oksana Tarasenko, Russian Ambassador to Korea Andrey B. Kulik, Executive Director of the Eurasian Integration Research Center Kirill Orlov, and Oleg Ryazanov, Executive Director of Financial and Banking Association of Euro-Asian Cooperation were also in attendance.

With officials from both countries in attendance, the roundtable was held to discuss how to operate the Korea-Russia Innovation Platform and to generate outcomes, and to expand cooperation in the future after the opening ceremony.

The two countries discussed enhancement of information exchanges between industry and academia to develop original technologies, establishment of a joint venture fund to support the growth of innovative companies, and measures to expand exchanges between SMEs including unicorns*.

* a unicorn is a privately held startup company with a current valuation of USD 1 billion

In his congratulatory remarks, Minister of Science and ICT You Youngmin said, “I ask for your dedication to the Korea-Russia Innovation Center to generate tangible results as the hub of innovation cooperation and I also ask for your interest and encouragement for the center’s activities.”

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