Medvedev Fosters Nanotechnology Growth in Russia

Reiterating its presence in the world of nanotechnology, Russia announced its plans for the establishment of an indigenous, full fledged nanotechnology branch on Wednesday. The announcement came from Russian President Dmitry Medvedev, speaking at the annual RusNanoTech Forum.

A state corporation was set up to propagate the development of nanotechnology in Russia, in 2007. Despite of investments over US$10 billion, Russia still produces less than one per cent of all the nanotechnology devices in the worldwide. "We must raise our share to three per cent of the world market by 2015, if the pace of development in this field goes as per plans", the President said speaking at the forum.

Medvedev wants to be identified as a young and technologically savvy leader and has therefore pushing technological modernization as one of the high points of his presidency and nanotechnology, a further specific area of focus. Medvedev, is looking towards improving the nation's economic environment and creating incentives for domestic businesses to form a part of a new knowledge-based and innovative economy.

Medvedev pledged that Russian leadership would do its best to remove the bureaucratic impediments in implementing this ambitious plan. Cuts in excessive tax burden and "redtapism", are key factors that would help Russia become a major player in nanotechnology, he added.

"All types of businesses should be represented by private businesses as well as the state, even transnational corporations," Medvedev added.

The President suggested that local centers will be set up all over the country that will offer practical innovation ideas to small and medium-sized businesses.

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