Posted: December 3, 2008

(Nanowerk News) Russia plans to invest some $10 billion in nanotechnology development programs in the mid-term, a deputy prime minister announced at an international nanotechnology forum in Moscow on Wednesday.

"The total size of funding for nano initiatives has been approved at some $10 billion in Russia for the mid-term, with half of the funds coming from the Russian Nanotechnology Corporation," Sergei Ivanov said.

The corporation is set to invest some 20 billion rubles ($714 million) in more than 20 projects within the next three months, said corporation head Anatoly Chubais.

Ivanov said global government, corporate and venture investment in nanotechnology totaled $13.5 billion 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 socioeconomic expansion," Ivanov said quoting a message by President Dmitry Medvedev to the forum.

In his address, 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," Medvedev's statement reads citing state support, business interest, as well as the country's intellectual potential.