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Opening a State Council Presidium Meeting on industrial policy in Volgograd, President Vladimir Putin said that Russia needs a new model of industrial organisation based on innovative development and competition.

Companies built around a closed production cycle act as a brake on industrial modernisation. What Russia needs is an industrial development model that is integrated into the system of inter-regional and global cooperation.

Mr Putin said that Russia already has all the conditions needed for developing this model, namely, growing domestic demand for industrial output and increasingly strong companies able to invest in the production of cutting-edge industrial goods and materials.