MOSCOW REGION, July 1 (RIA Novosti) - Russia's government will set up a 100% state-controlled venture company to diversify the economy and encourage investment in the innovation sector, the president said Saturday.
Putin said the company would select venture management companies in a tender and acquire shares in venture funds in the form of mutual investment funds set up by venture management companies.
Venture funds will invest in newly opened high-tech companies.
Putin said an experimental investment fund for information technologies would be set up to develop companies working in the information and communications technologies for three years.
He added that the government had completed all preparations and would draft and adopt relevant documents soon.
