MIT to set up institute in Russia

MOSCOW, RUSSIA: The Massachusetts Institute of Technology (MIT) and Russia's Skolkovo Foundation have signed an agreement to set up an institute at the "Silicon Valley" near Moscow.

The Skolkovo hi-tech centre outside Moscow, created on the initiative of President Dmitry Medvedev, aims to focus on research in energy, information technology, communication and biomedical research.

The agreement plans a three-year collaboration between the two sides to build the Skolkovo Institute of Science and Technology (SIST), said Skolkovo president Viktor Vekselberg.

The MIT website said the university will assist the Skolkovo Foundation in building the SIST as a "unique, world-class" graduate research institute.

The Skolkovo Foundation also signed a deal with US software firm IBM on opening an IBM research and development centre in the Russian silicon valley, Vekselberg said.