"In 2005, spending on research and development was just under 231 billion rubles [$8.6 billion], which is 50% less than in 1990, when the level was over 2% of GDP," Alexander Nekipelov, vice president of the Russian Academy of Sciences, said at a session of the president's council on science, technology and education.
Nekipelov said the Russian economy would never become a world leader without harnessing the country's scientific potential.
Since that the economy lacks incentives for investment in high-tech sectors, conditions must be created for efficient loaning and importing of modern equipment and technologies to modernize production, he said.
Nekipelov proposed that the assets of the Stabilization Fund, which was set up to accrue windfall profits from high world oil prices, should be funneled to the relevant structures to meet these goals.
