Official website of the President of Russia

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The President said that modernisation must not be seen as simply upgrading technology. No modernisation will be possible without resolving key issues such as fighting corruption, reducing bureaucratic pressure, and establishing the conditions for fair competition.

Creating attractive conditions for doing business and investing is an absolutely fundamental part of building an innovative economy. This applies in full measure to developing a venture financing market in Russia – the subject discussed at the Commission’s latest meeting.

Mr Medvedev said that there is a clear trend now for Russian companies to spend more on research and development, but there is still little venture risk capital on the market. A number of measures are needed to develop venture financing, among which the President named developing a system of expert evaluations and services, effective use of grants and repayment financing mechanisms, overall financial market development, and ensuring the smooth operation of all links in the innovation chain. 

Russia has enough potential to carry out venture projects, but there are only a few successful examples so far and this has not been enough to form a system, and so the main task now is to create the system that would develop scientific research and encourage start-ups.

Mr Medvedev also announced the signing of a number of laws on economic modernisation that have come out of the Commission’s work. The laws signed include a law on provision of government and municipal services, a law simplifying procedures for recognising academic degrees, titles and diplomas, a law on the National Research Centre Kurchatov Institute, and a law regulating the production, transmission and consumption of heating supplies.

The Commission met at the National Research and Technology University MISiS (Moscow Institute of Steel and Alloys). Before the meeting started, the President met with students at the university, who presented their project to develop helicopter transport as an alternative to building an extensive road network. 

MISiS is one of Russia’s top universities for training engineers and scientific specialists for such sectors as metallurgy and materials studies, development of new materials and technology, efficient use of resources and ecology. A centre for industrial design and innovation has been working at the university since 2007.