AI strategy envisages development of venture investing in Russia - Econ Ministry

NOVOSIBIRSK. Oct 26 (Interfax) - Russia's national strategy for development of artificial intelligence envisages incentives for venture investment, Deputy Economic Development Minister Maxim Kolesnikov said during the XI All-Russian "Prof-IT" Regional Informatization Forum in Novosibirsk on Thursday.

"We will finalize the mechanism of registration of transactions, what's called an investment partnership agreement, which will provide that an investment partnership can include individuals, we plan to reduce the tax burden on investors and introduce a multiplying coefficient when calculating the cost of supporting startups," he said.

Apart from that, Kolesnikov continued, there are provisions for taking into account unsuccessful investments when assessing the financial result of "portfolio deals". Accordingly, part of the financial risk of investors "will be assumed by us, by the federal budget," he said.

"We expect the volume of venture deals to grow to 100 billion rubles [by 2030]," the deputy minister said.

The volume of venture deals in Russia fell fivefold in 2022, Kolesnikov said, while 250 projects in the field of artificial intelligence worth 3.5 billion rubles were supported under the federal project.