Government to Cut Its Share in Venture Fund of Funds to 25 Perc. by 2008
The Russian government will reduce its share in the venture fund of funds to 25 percent before the end of next year, Information Technology and Telecommunications Minister said.
Aug 16, 2006
The Russian government will reduce its share in the venture fund of funds to 25 percent before the end of next year, Information Technology and Telecommunications Minister Leonid Reiman said.
He told journalists on Monday that foreign and Russian investors had showed a big interest in the Russian venture fund, which should provide a channel for the flow of investments into the country.
The minister believes that this will help the development of the IT market in Russia and provide financial support to creative-minded software specialists.
"The fund of funds will be used to support IT companies," Reiman said.
In his words, Russia's IT market will increase to 13.5-14 billion U.S. dollars in 2006.
The market in 2005 was about 11 billion U.S. dollars, the Prime-Tass news agency reported.
The export of software in 2006 will grow to 1.8 billion U.S. dollars, compared to about one billion U.S. dollars in 2005. "The market grows by about 80 percent a year," Reiman said.
In his words, the IT market consists mainly of small and medium-sized companies. "We would like them to move away from gray schemes that many of them use today and have favourable conditions in the market for growth and development," the minister said.
He told journalists on Monday that foreign and Russian investors had showed a big interest in the Russian venture fund, which should provide a channel for the flow of investments into the country.
The minister believes that this will help the development of the IT market in Russia and provide financial support to creative-minded software specialists.
"The fund of funds will be used to support IT companies," Reiman said.
In his words, Russia's IT market will increase to 13.5-14 billion U.S. dollars in 2006.
The market in 2005 was about 11 billion U.S. dollars, the Prime-Tass news agency reported.
The export of software in 2006 will grow to 1.8 billion U.S. dollars, compared to about one billion U.S. dollars in 2005. "The market grows by about 80 percent a year," Reiman said.
In his words, the IT market consists mainly of small and medium-sized companies. "We would like them to move away from gray schemes that many of them use today and have favourable conditions in the market for growth and development," the minister said.