The joint venture is aimed at coming up with solutions and implementing breakthroughs in advanced technologies.

On Tuesday, in a joint announcement China’s Tus-Holdings along with Russia-China Investment Fund (RCIF) stated they plan on a joint tech collaboration which will see them investing $1.28 billion in Russia’s Tushino Project Technology Park.

In its statement, RCIF said, the two groups were considering building a Sino-Russian high-tech innovation park with more than $100 million investment each. They also plan on launching a Russia-China venture fund which will have a capital of $100 million.

“Together with partners from China, we will be able to achieve breakthroughs in the area of advanced technologies and facilitate their early implementation,” said Kirill Dmitriev, RCIF’s joint CEO.