Indian, Russian agencies ink accord to promote IT JVs

The government-sponsored Electronics and Computer Software Export Promotion Council (ESC) has signed an agreement with Skolkovo Foundation, the strategic development institution of the Russian government, to promote Indian IT companies in international markets.

The signing of the agreement by D.K. Sareen, executive director ESC, and president of the Skolkovo Foundation Victor Vekselberg took place Thursday during the official visit to India of Russian President Vladimir Putin, Skolkovo said in a release.

This is one of the many agreements signed during the first full-fledged summit between India and Russia after the Narendra Modi government took office in May.

The agreement provides for exchange of information to help set up joint venture startups looking to enter both Russian and Indian markets, promotion and networking for companies, as well as holding innovation-related events in both countries "to promote joint innovative project technologies, products and services in international markets", the statement said.

As part of the agreement, ESC has invited 15 Skolkovo startups to take part in the Indiasoft-2015 international conference on information technology to be held here in February 2015, the statement added.

"The Skolkovo Foundation and Innovation Center provides excellent facilities for R&D, fiscal incentives and attractive monetary assistance for R&D outfits. It also helps the global companies' access highly skilled knowledge workers of Russia to partner with for evolving breakthrough technologies and innovations. We are extremely happy to partner with the Foundation, which has an impeccable track record as an incubator," ESC said in a separate release.

With a charter for helping Russia's transformation from a resource-intensive to an innovation-based economy, the non-profit body is setting up the Skolkovo Innovation Center composed of companies and startups, a technopark, the Skolkovo Institute of Technology, and the Skolkovo city near Moscow on 400 hectares of land to house 50,000 employees and residents, Skolkovo said.