Russian High-tech

I wrote this blog 27th January 2005 and was checking my files and notebooks if anything new could be said about the statement today. The price of oil is still high, the money is there but it takes time to build a high-tech infrastructure and culture.

President Vladimir Putin has in january 2005 announced a plan to diversify Russia's economy and develop its high technology sector by creating special zones where high-tech companies would enjoy tax breaks and other incentives.
  • One of the most important tasks in the sphere of the economy is its diversification.
  • The need to move away from the focus on raw materials is obvious.
  • Putin: "We have talked about this a lot, but unfortunately little has been done in practical terms."

Russia has enjoyed five years of oil-fueled economic growth during Putin's presidency, but economists repeatedly have warned of the need to diversify. Putin said Russia must "create conditions for speeding up the development" of manufacturing and technology.

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