Their goal? Increased cooperation to develop technology that benefits both of them.

The United States isn’t the only place in the world where money is pouring into high-tech innovation. On Tuesday, Russian prime minister Dmitry Medvedev’s Skolkovo Foundation for technical development and the Chinese Cybernaut Investment Group agreed to create a $200 million venture fund, a startup incubator for Russian businesses and a new Chinese robotics center, all of which signify increased cooperation between the two countries to develop technology that benefits the both of them.

As part of the joint Chinese and Russian venture, roughly 15 companies currently based in the Skolkovo area near Moscow—otherwise known as Russia’sfledgling version of Silicon Valley—will take a seat at the Skolkovo Innovation Center, which is a research campus that Russia has been trying to tout as an hub of sorts for breakthroughs in the areas of information technology, biomedical, energy efficiency, nuclear, and space technology.

The chosen companies will supposedly be specializing in IT, robotics, space, and energy technology with the businesses choosing IT, robotics and space technology able to partake in the $200 million fund.

China will also apparently get help from the makers of the Skolkovo Robotics Center to create the Cybernaut’s robotics center in China whose purpose is to create “a joint acceleration program for Skolkovo resident companies to ease them into the Chinese market,” according to the announcement.