New Russian nanotechnology funding program

According to President Dmitry Medvedev at the opening of Rusnanotech 09 on Tuesday, “nanotechnology will rival oil as a global powerhouse industry, so Russia’s economy needs to embrace it now (…) The global nanotechnology market is worth about $250 billion today and may reach $2 trillion to $3 trillion by 2015, making it comparable to the market of natural resources (…)” A new nanotechnology funding program approved by the Russian government this week totalizes ~318 billion rubles ($3.95 billion) until 2015 ; the sector’s sales in Russia are expected to reach 900 billion rubles by that time. The innovations should be created by small and midsized businesses according to Sergei Mazurenko, head of the Federal Science and Innovations Agency : “We should be more systematic in developing new high-tech production by creating medium-sized and small science-intensive businesses (…) In addition, we need extensive applied research in order to create competitive nanoproducts.” (article)

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