Russia puts together new entity to back high-tech development
Priority sectors are reported to include mechanical engineering, machine-tool manufacturing, construction, pharmaceuticals, and biotechnologies
Feb 20, 2016
The Russian Government announced earlier this week the creation of a new Agency for Technological Development by July 1, 2016. The agency will support projects in the high-tech sector and focus on imported technologies which have no domestic analogues, the U.S.-Russia Business Council reported, citing the Russian business daily Kommersant as a source.
The agency’s board of directors will reportedly include representatives of what are known as Russia’s development institutions, including government-owned Rosnano, Skolkovo, RVC, and the Industry Development Fund.
The agency’s main goal is to identify opportunities for applying advanced technologies to support domestic producers and boost Russia’s non-commodity exports, according to USRBC. It will support creation of joint ventures and encourage Russian companies to produce locally foreign high-tech products that are currently only made abroad.
Priority sectors are reported to include mechanical engineering, machine-tool manufacturing, construction, pharmaceuticals, and biotechnologies.
The agency is also expected to work with the state-owned Industry Development Fund to provide low-interest loans to support high-tech projects.
The agency’s board of directors will reportedly include representatives of what are known as Russia’s development institutions, including government-owned Rosnano, Skolkovo, RVC, and the Industry Development Fund.
The agency’s main goal is to identify opportunities for applying advanced technologies to support domestic producers and boost Russia’s non-commodity exports, according to USRBC. It will support creation of joint ventures and encourage Russian companies to produce locally foreign high-tech products that are currently only made abroad.
Priority sectors are reported to include mechanical engineering, machine-tool manufacturing, construction, pharmaceuticals, and biotechnologies.
The agency is also expected to work with the state-owned Industry Development Fund to provide low-interest loans to support high-tech projects.