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Posted: July 4, 2007
Russian Parliament pledges $7bn for state nanotechnology corporation
(Nanowerk News) Russian lawmakers today approved the creation of a state-run nanotechnology corporation, an area of science that President Vladimir Putin has elevated to a national priority and for which he has pledged $7 billion in state funds.
The lower house of parliament passed legislation on the formation of the Russian Nanotechnology Corporation, or Rosnanotekh, which will implement state policy and commission projects in the field.
"Nanotechnology is not a passing fad -it is about the competitiveness of Russian products internationally," Vice Speaker Vladimir Pekhtin was quoted as saying by the ITAR-Tass news agency.
In his annual address to lawmakers in April, Putin compared its importance to the birth of nuclear science and said no less than $5 billion would go toward setting up Rosnanotekh. Nanotechnology is "a key direction for the development of modern industry and science," Putin said. Eventually, as much as US$7 billion could be invested he said.