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Posted: March 20, 2009

RUSNANO CEO prioritizes company's main tasks for 2009

(Nanowerk News) The CEO of the Russian Corporation of Nanotechnologies, Anatoly Chubais, has approved by the Corporation’s main tasks for the year of 2009.
One of the tasks set is to shift the investment policy from simple acceptance of applications for financing the nanotechnological developments to active search and, in the long term, to placing the order for the new projects. The adoption of this approach into the investment strategy is aimed at realizing cluster projects resulting in creation of final nano-enabled products that are linked in one technological chain or involve similar methods for production. This will create the conditions for a multiplicative effect in the development of Russian nanoindustry.
One of the priorities of the Corporation in 2009 is to form a pool of Russian and foreign investors interested in entering RUSNANO projects, or acquiring the Corporation’s share once it leaves a project.
According to the decree, a several venture and seed funds including ones that attract foreign capital must be formed this year with the participation of RUSNANO. These funds are aimed at widening the range of opportunities for investment into Russian nanotechnological projects at an early stage.
RUSNANO plans to launch several new infrastructural projects before the end of the year, aimed at involving small and medium-sized business in the innovation sphere.
In order to solve a number of tasks for stimulating the introduction of nanotechnological developments to different segments of the economy the current Russian legislation requires to be improved. Corporate lawyers will prepare the proposals to be introduced to the current government regulations in the tax, corporate and patent legislation towards the end of 2009.
RUSNANO also intends to start forming the system of managing the demand for nano-enabled products together with key industries, beginning with oil and gas and defense industry complexes, power generation, healthcare and pharmaceutical industry, construction, housing and public utilities.
Today one of the limiting factors for the widespread introduction of innovative production and technologies to the Russian economy is the current system of technical standards and regulations, and the principles of organizing public procurement. RUSNANO plans to carry out a revision and optimization in cooperation with the relevant ministries and departments, as well as State corporations and companies with state share. A program of stimulating demand for a discrete group of nanotechnological products is planned to be developed as a pilot project towards the end of the year. Furthermore, RUSNANO has plans to initiate a trial project on the organization of a new innovation-oriented system of public procurement in tandem with one of Russian regions.
In the mean time, RUSNANO intends to stimulate the export of Russian nanoindustry production in 2009. In particular, the Corporation plans to analyze the main barriers restraining export and infrastructural conditions necessary for its increase.
The transfer of 85 billion rubles from RUSNANO’s temporarily surplus funds to the national budget will not affect the accomplishment of the Corporation’s tasks for 2009. The funds remaining at RUSNANO’s disposal are sufficient to fulfil the investment plans for this year. Thus, the Corporation does not plan the early withdrawal of the deposits from commercial banks. It is assumed that the transfer of spare cash to the budget of the Russian Federation will be done only after the term of allocation is over. The Corporation relies on their return in 2010-2011 in order to fulfil the RUSNANO business strategy approved by state – bringing the volume of sales to the Russian production of nanoindustry to 900 billion rubles by 2015.
Furthermore, a system for controlling the expenses within RUSNANO has been accepted, which suggests to cut the spending of the Corporate staff. A number of expenditures are being cut – from salary funds and contract organizations payments to limited use of the company’s mobile phones, traveling expenses and the acquisition of office stationery. The total reduction of expenses over the year should be about 200 million rubles.
Source: RUSNANO