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Moscow to invest billions in hi-tech programs

Latest update : 2008-08-20

According to Prime Minister Vladimir Putin, Russia is to invest 16.7 billion euros (24.6 billion dollars) in hi-tech industries between 2008 and 2010, in order to make the country less dependent on its natural resource exports.

Russia is to invest 600 billion rubles (24.6 billion dollars, 16.7 billion euros) in hi-tech industries over two years, Prime Minister Vladimir Putin said Wednesday.

"We have never put this kind of money into this area," Putin was quoted as saying by the Interfax news agency.

"Between 2008 and 2010 we expect to assign 600 billion rubles to various state hi-tech programs," he told the meeting.

Putin has said investment in the technology sector is key to Russia's efforts to wean itself off dependence on the export of natural resources, such as oil, gas and metals, whose prices can fluctuate wildly.

Date created : 2008-08-20

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