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Mr Medvedev, who is Chairman of the business school’s International Advisory Board, took part in the first-year students’ initiation ceremony.

The school’s cornerstone was laid in 2006 and was a project initiated through a public-private partnership as part of the Education National Project. The project is financed by private businesses with 18 major global companies among its sponsors.

Skolkovo has developed a new business education model: seminars and lectures make up a third of the curriculum, and real projects, which the students will carry out in companies in Russia, India, China and the USA, account for the other two thirds. In the final phase of their studies students have to come up with their own business project, which, if successfully defended, will receive real funding from the Skolkovo venture fund.

Also taking part in the school’s inauguration were former Prime Minister of Singapore Lee Kuan Yew and Russian and foreign business people.

Mr Medvedev later held talks with Minister Mentor of Singapore Lee Kuan Yew.