10 Jul 2019 14:50

Putin pledges state support for firms focused on high tech

MOSCOW. July 10 (Interfax) - The state will help companies operating in high-tech sectors of industry, Russian President Vladimir Putin said.

"The state will provide all necessary assistance and support to partner companies in high-tech areas," he said at a ceremony at which the government and government-related organizations signed letters of intent to develop selected high-tech fields.

Putin said he was talking about financial and tax instruments and about putting a comfortable regulatory environment in place, one with flexible experimental legal frameworks.

"We expect genuine technological, professional and financial leadership from our companies," he said.

Putin referred to global practice, where the corporate sector is responsible for up to 80% of successful research and development.

Global competition to possess the technologies of the future has already unfolded, he said.

"Our task is not to lose any time and to do all we can to rank among the leaders, guarantee Russia's technological sovereignty and a worthy place among the leading players in promising new markets," he said.