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Mr Volkov said the region’s gross regional product grew by 4.5 percent, while industrial growth was up 7 percent. The region has built new housing and roads, and real wages are growing.

The agricultural sector has posted a growth rate of around 7 percent over recent years. Thus, meat production has grown more than 2.5-fold over the past three years.

The trend continues this year. The region has commissioned three new plants: a cable production plant, a pharmaceuticals plant, and a plant to produce new light sources. Each facility will produce goods worth more than 3 billion rubles.

The fibre optic cable plant will produce more than 2 million kilometres of fibre this year. Currently, fibre optic cable is produced using imported components, but a second production unit will start operation at the plant this year. This means that everything needed for fibre optic cable production can now be made in Russia. An engineering centre will also open this year, and this will make it possible to develop a completely new sector in Russia, that of optoelectronic instrument making.

The pharmaceuticals plant has begun producing antibiotics, but more importantly, it also produces excipients, something not previously done in Russia. Together with the university, the plant is working to establish a research centre to develop new types of antibiotics.

Exports of high-tech products have increased 2.5-fold over the last three years, primarily this is power electronic-based electronics and instruments and various types of cable. Fibre optic cable is exported to Western Europe and China.

The light technology production facilities (Lisma is the central one) exports its modern produce to Iran, the Czech Republic, Hungary, and Germany. A joint venture has opened in Burundi with the aim of entering the African market.

Twenty-eight percent of the goods produced in the republic are innovative products. This is the highest ratio in the country.

In the social sector, Mr Volkov said that housing construction had increased and briefed the President on carrier guidance work with young people and the creation of a children’s techno park.

Mr Putin noted that much has been accomplished, but there is still a lot to do to address unresolved issues, and, based on an objective analysis of the results achieved, work outstanding, and the mood and desires of the republic’s population, the regional authorities should continue to make the necessary adjustments to their work.

Mr Putin informed Mr Volkov of his decision to appoint him Acting Head of the region until the election in September this year. Mr Volkov’s mandate as Head of Mordovia ends in May 2017.