Central regions | Finance, business | Technology & innovation
Ruselectronics antes up $5.8bn for innovation
15 Aug '14
Ruselectronics, the government-owned high-tech umbrella company, has announced plans to invest more than $5.8bn in its innovation development between now and 2020.
The state-run giant is expected to develop and complete 92 projects in its focal areas, its corporate website said.
“The new innovation development program will help us boost sales revenues, take our products to the global markets, and make sure Russia gets a foothold in new market segments and ultimately takes a leadership role in a number of technology areas,” Ruselectronics CEO Andrei Zverev said.
Of the total investment amount, Ruselectronics wants to pump more than $3bn in technical modernization of its assets across Russia and then inject about $2.3bn in R&D, with the rest going to infrastructure improvements, better staff training, and international economic collaboration.