Russia to invest 10 billion dollars in nanotechnology: Official

Russia plans to invest about 10 billion dollars in nanotechnology development programmess in the mid-term, Deputy Prime Minister Sergei Ivanov said today at an international nanotechnology forum. ''The total amount of funding for nano initiatives has been approved at about 10 billion dollars in Russia for the mid-term, with half of the funds coming from the Russian Nanotechnology Corporation,'' Mr Ivanov said. ''The corporation is set to invest about 714 million dollars in more than 20 projects within the next three months,'' the head of the Russian Nanotechnology Corporation Anatoly Chubais said. Mr Ivanov said global government, corporate and venture investment in nanotechnology totaled 13.5 billion dollars last year. He said the extensive use of nanotechnology could put the Russian economy, currently heavily dependent on raw materials, on an innovative track. ''Today, the development and use of nanotechnology and nano-materials predetermines the rate of research development, which means potential for Russia's socio-economic expansion,'' Mr Ivanov said.

In his message to the forum, Russian President Dmitry Medvedev said scientific achievements should target improvements in living standards in the country, rather than just boosting economic growth. ''We have all the required conditions for a future breakthrough to create a potential dominance in the sphere of nanotechnology,'' Mr Medvedev said.

-- (UNI) -- 03DF10.xml

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