Science and Industry Ministry reports allocations for innovative projects

Up to 2bn rubles (about $63m) can be allocated from the 2003 budget for financing the most important innovative project of state importance, First Deputy Minister of Industry, Science and Technologies Andrey Fursenko announced at the conference 'Intellectual property in micro economics' in Moscow today.

The official noted that within this program the state would undertake technological risks in the production of intellectual property. He announced that these state investments would be returned during the third year of the program's implementation due to tax payments.

Answering a question of an RBC correspondent, the deputy minister said it would be expedient to spend half of the planned 40bn-ruble budget allocations for sciences (about $1.26bn) on innovative projects. According to Fursenko, a significant part of the 2003 budget of the Russian Academy of Sciences (13bn rubles, or $410m) could be allocated for the development of intellectual property, including high-tech solutions.