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Russia to continue supporting private investment in research and development — Putin

The Russian president also said that a new national project to ensure technological leadership in the field of new materials and chemistry was launched this year

MOSCOW, February 21. /TASS/. Russia will continue to develop mechanisms to support private investment in research and development, Russian President Vladimir Putin said at the plenary session of the Future Technologies Forum.

"The volume of investments by companies in the real sector of the economy could reach about 1 trillion rubles. I think it is quite realistic. I sometimes meet with the owners and heads of companies. They have very ambitious and nice plans. I like this attitude, it's great. We will support and continue to adjust the mechanism to support private investment, including in the field of research and development," the president said.

He also recalled that a new national project to ensure technological leadership in the field of new materials and chemistry was launched this year. "Around 170 bln rubles are planned to be allocated from the federal budget alone for its implementation from 2025 to 2030," Putin noted.

According to the president, Russia knows from its negative experience what systemic problems the state's vulnerability in the chemical sector leads to, including strong external dependence and losing a significant part of industrial sovereignty.

"Unfortunately, after the collapse of the Soviet Union, the most important enterprises were stopped and sometimes simply destroyed. Their equipment was taken away, cut up for scrap. Together with the degradation of our own chemical industry, we fell into strong external dependence, lost a significant part of industrial technological sovereignty. Therefore, from our negative experience, we understand what systemic problems vulnerability in the chemical sector causes," he said.

The head of state recalled that at that time it was necessary to "literally rebuild from scratch" many technological production chains, to create new enterprises in order to independently produce highly processed products.

Putin also stressed it is necessary to ensure the widespread industrial use of local solutions in the chemical industry. "It is important to ensure not only development, but also subsequent testing, pilot production, and then widespread industrial use and scaling of domestic solutions," he said.