The Russian Cabinet approved a plan (see IBO 5/31/07) to increase sales in Russia’s nanotechnology sector from RUB 7 billion ($273.9 million) in 2007 to RUB 900 billion, or 3% of the global nanotechnology market, by 2015. The plan will support research and increase the number of businesses involved in the sector. At present, there are 75 companies, including the steel firm Severstal, involved in the nanotechnology industry. Government spending on the plan will total RUB 236.4 billion, RUB 130 billion of which will come from the State Nanotechnology Corporation and the remainder coming from Russia’s federal budget. Expected areas of research funding include energy efficiency and biofuels.

Source: The Moscow Times