SCO countries will form a venture fund headquartered in Ufa with offices in Moscow and Beijing

A decision to establish a non-profit organization - the Venture Fund of the Shanghai Cooperation Organization was adopted at the St. Petersburg International Economic Forum, following the panel session "The Shanghai Cooperation Organization As A Potential Economic Platform", the press service of the Chamber of Commerce and Industry of Bashkortostan informs.

The central office and the headquarters of the fund will be organized in Ufa. Representative offices of the fund will be established in Moscow and Beijing.

The corresponding agreement was reached between the president of the nonprofit partnership to promote international economic cooperation "Business Club SCO" Sergei Kanavsky and the president of the "Business Club" of business community RB Azat Fazlyev.

The fund will support innovation, preparation and development of new products and technologies, formation of scientific and technical products market, development of priority sectors of the Russian economy and the SCO member states. In addition, the fund will support subjects of small and medium enterprises in the Russian Federation and in the SCO countries.