Posted: December 3, 2008 |
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(Nanowerk News) Russia plans to invest some $10 billion in nanotechnology development programs in the mid-term, a deputy prime minister announced at an international nanotechnology forum in Moscow on Wednesday.
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"The total size of funding for nano initiatives has been approved at some $10 billion in Russia for the mid-term, with half of the funds coming from the Russian Nanotechnology Corporation," Sergei Ivanov said.
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The corporation is set to invest some 20 billion rubles ($714 million) in more than 20 projects within the next three months, said corporation head Anatoly Chubais.
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Ivanov said global government, corporate and venture investment in nanotechnology totaled $13.5 billion last year.
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He said the extensive use of nanotechnology could put the Russian economy, currently heavily dependent on raw materials, on an innovative track.
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"Today, the development and use of nanotechnology and nano-materials predetermines the rate of research development, which means potential for Russia's socioeconomic expansion," Ivanov said quoting a message by President Dmitry Medvedev to the forum.
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In his address, Medvedev said scientific achievements should target improvements in living standards in the country, rather than just boosting economic growth.
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"We have all the required conditions for a future breakthrough to create a potential dominance in the sphere of nanotechnology," Medvedev's statement reads citing state support, business interest, as well as the country's intellectual potential.
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