The Russian President has publicly declared its goal to gradually change from an oil-oriented economy. The Federation intends to increase the tech sector’s input to GDP, increase the proportion of innovative products, enlarge R&D spending and promote the commercialization of Russian innovative products.
Russia has introduced a unique framework for participants of the Russian flagship Skolkovo project (also called Russian Silicon Valley), granting tax holidays for up to 10 years, customs incentives, and simplified rules for attracting foreign labor.
In tandem with other state-supported measures to encourage innovation, the Skolkovo project should enable Russia to take a leading position amongst the world’s innovation-based economies.
- Alisa Melkonian, Partner, Head of Innovations and Technology, KPMG in Russia and the CIS