Putin: Russia must make transition to new economy

Putin: Russia must make transition to new economy

Russia must sense and embark on the newest trends in science and engineering to make transition to a new economy, Russian President Vladimir Putin said at the conference 'Into the Future: Russia’s Role and Place' arranged by Russia’s Sberbank.

"For Russia it is important to grasp the main technological development trends, to understand our strengths and weaknesses in making transition to the next generation economy," Putin said.

The president has instructed the cabinet to analyze what hampers domestic companies to promote their products on global market and remove these obstacles.

"We know examples of small Russian companies that grew to global leaders and offered breakthrough competitive solutions. We need to ensure emergence of more companies like this which are able not only to develop technology, but also to promote it on the market as a final and successful product. I ask the government to make a list of factors that hamper the development of such companies and to prepare a plan of how to remove these obstacles," Putin said.

Since 2010, the volume of implementing works and services in this sphere grew by more than two-fold. "This is a very solid growth amid the growth of other economic areas," he said.
The Russian leader said by the end of last year the figure reached 740 billion rubles ($11.7 billion). Experts estimate that Russia’s IT industry exports in 2015 stood at $6.7 billion and the arms exports at $14.5 billion. "We will soon catch up with the arms exports in these civilian sectors," Putin added.

Putin believes that "the world has accumulated a great, vast technological potential, but it has not been tapped to the full yet." "This is well-seen in the inability of the world’s leading economic centers to achieve stable high economic growth rates," Putin said. "The leading countries see innovations as an inalienable, key element of a new phase of global development and shape their social and economic strategies accordingly."

"There is the need to fully take into account the possibilities of technological progress and its potential risks and form an efficient strategy of developing technologies in the country," Putin stressed.

The modernization of production with the lack of a due system of training staff may lead to structural unemployment, he said.

The Russian leader said by the end of last year the figure reached 740 billion rubles ($11.7 billion). Experts estimate that Russia’s IT industry exports in 2015 stood at $6.7 billion and the arms exports at $14.5 billion. "We will soon catch up with the arms exports in these civilian sectors," Putin added.

Since 2010, the volume of implementing works and services in this sphere grew by more than two-fold. "This is a very solid growth amid the growth of other economic areas," he said.

The Russian president  has urged implementation of new projects in digital economy, not only in Russia but all over the Eurasian Economic Union.

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