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Russia currently has a severe shortage of small businesses engaged
Russia currently has a severe shortage of small businesses engaged in science-intensive areas, Deputy Prime Minister Sergei Ivanov said on Sunday.

Speaking at the 12th International Economic Forum in St. Petersburg forum, now in its third and final day, Ivanov said that Russia needs to set up venture capital funds to develop science.

"There are virtually no small businesses engaged in science-intensive spheres. The creation of technology parks contributes to the development of this area, edging out enterprises engaged in primitive trade. Also various funds, in particular, the Russian Venture Capital Company and the Russian Fund of Technological Development, contribute to developing this area," Ivanov said.

The vice-premier told the forum that Russia would never be able to solve its main economic problems or raise its competitiveness without developing innovation.

Comprehensive and balanced approaches to innovations, science and business partnerships, and the stimulation of business to develop innovations are Russia's top priorities in this area, Ivanov said.

The official also said that personnel training, in particular youth training, was important for developing innovation: "This is because innovation is investment in people, in their education."


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