Russian Authorities Want to Revive “Innovation Valleys” - Source

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Russia’s Ministry of Economic Development believes that the country’s regions do not give enough attention to “innovation valleys” as a potential tool for their development, a source told the “Vedomosti” news outlet, following a meeting of the ministry and regional representatives.

Consequently, authorities want to revive the mechanism of technological innovation valleys – special regimes with tax benefits. 

The issue was discussed on July 26 at a meeting, headed by Minister of Economic Development Maksim Reshetnikov, with officials from Russia’s Ministry of Industry and Trade, Ministry of Education and regional representatives, two participants of the meeting told "Vedomosti".

The Ministry of Economy stressed that investing in innovation valleys would be a viable response to current sanctions against Russia, because it would accelerate the substitution of foreign complex technologies for local solutions. However, as of now, there is little work on in this area and a lack of inflow of new start-ups and investors due to the sanctions. 

At the meeting, authorities also relayed the importance of stimulating the activities of innovation science and technology centers (ISTC) and have personally expressed their concerns to Russian President Vladimir Putin, because this competency is under his direct control.

Additionally, by the end of 2022, the Ministry of Economy plans to rate regional subjects on the progression of the development of such innovation valleys. This will be a way to evaluate their in this area and encourage them to invest more resources to stimulate active regional development, the source from the meeting said. 

Federal authorities also plan to strengthen cooperation between regions and major companies and corporations to stimulate the flow of resources and competencies to technological and innovational development in regions. 

A representative of the Ministry of Economy confirmed that the meeting was held.

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