Russia and the U.S. intend to intensify cooperation in investing into innovation projects, promoting entrepreneurship and catalyzing breakthroughs in shared priorities, a statement on the White House website said.
"In this context the United States and Russia are considering the generation of new innovative ideas, their broad dissemination and their commercialization as an important component for developing an innovation ecosystem and fostering economic growth in both countries," a joint statement by U.S. President Barack Obama and Russian President Dmitry Medvedev said.
The first key area for cooperation is investing in building blocks of innovation, which means support of research and development, and creation of human, physical and technological capital needed for research and transfer of innovations.
Another aspect of cooperation is a promotion of productive entrepreneurship when the countries create a favorable environment for business, "including policies that support the venture capital industry, that will allow companies based in the United States and Russia to be internationally competitive in a global exchange of ideas and innovation," the statement said.
The third area of cooperation will be concentrated on the support of breakthroughs in projects important to both countries such as developing alternative energy sources, energy efficiency and conservation, advanced transportation technologies, nanotechnology, space technology, biotechnology, security technologies, and computer and information technology.
"For these purposes the United States and Russia are committed to supporting and developing cooperation on innovation in science and technology through both existing mechanisms of strategic partnership and through new cooperation instruments at the level of government institutions, non-governmental organizations and the private sector," the statement said.