Russians seek UK support for £2.5bn Silicon Valley II
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Leaders of a project to create a Silicon Valley near Moscow have rejected fears it is difficult to do business while Vladimir Putin runs Russia.
Representatives of the Skolkovo Foundation, on a visit to London to drum up support, pointed out at least 14 global giants, including BP, Nokia, Siemens and SAP, are investing in the project.
Viktor Vekselberg, foundation president, said: "We believe the initiative will be one of those projects that will change Russia."
The foundation – which has got $4bn (£2.5bn) in funds, largely from the Russian government, over three years – plans a "world-class" technology and science research hub.
This will include a university campus that might follow the lead of Stanford or Berkeley in Silicon Valley, where Google and many other US tech companies began. The Skolkovo project will also build five key research centres dedicated to IT, biomedicine, energy, nuclear and space as well as a business park and a town for 26,000.
Russia has said it is keen to move from an economy reliant on natural resources to one focused on technology, knowledge and entrepreneurship. The government has given 500 hectares to the foundation.
However, Mr Vekselberg said: "We'll never be able to repeat the Silicon Valley success."
Foundation members have visited universities including Oxford, Cambridge and London's Imperial College this week to forge alliances.
BP yesterday signed a £9.3m joint research deal with the foundation and Imperial College to make oil refining in Russia more environmentally sustainable. The foundation will also visited the US, France, Germany and Switzerland.
UK Trade & Investment, the Whitehall body that supports UK business overseas, is backing the project.
UK firms want Government backing as some overseas companies have had trouble in Russia in the past, including BP, which had a bust-up over a venture with TNK.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments