MOSCOW, April 25. /TASS/. An aerospace innovation valley will be created in Russia’s Ryazan region where it is planned to develop advanced technologies, materials, and new types of products, press service of the Russian government reported on Monday.

"Aerospace, biomedical, and information technologies, as well as electronics and radio engineering, will become the main focus of the Aerospace Innovation Valley Innovation Science and Technology Center," the statement said.

"Companies - residents of the center will develop advanced technologies, unique materials, and new types of products," the government said.

The project is expected to create 2,800 new jobs and by 2031 will increase tax revenues to the budget of the Ryazan region by 5.6 bln rubles ($74.85 mln).

More than 30 companies that are developing around 60 innovative projects have already expressed their desire to participate in the center’s activities, the government said.