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RosNanotechnology Head talks up diversification of economy

Anatoly Chubais, general director of Russia's state nanotechnology corporation, says his company's investment plans are not expected to change because of the global financial crisis. He explained to Business RT the situation has actually made some conditions more favourable.

AC: "The major difference of this Davos forum from all the previous ones, is that there is no decision. There is not even a vision. It’s a lot of these reasonable ideas which were expressed here, but not about the general vision of the situation. Yesterday Tony Blair said that there is a crisis of the financial situation but its not a crisis of the free enterprise system, which sounds good."

RT: Lets now go then to Russia. Has the crisis affected RosNanos competitive advantages?

AC: "Definitely now is not the best time for startups but, in terms of competitiveness, we definitely have a much more favourable condition which we can offer to our partners, than anybody else in Russia. In these terms the governmental decision to create RosNano was extremely timely. I would say, fantastically timely. It makes it possible for us to start the very very initial stage of projecting different sectors, from medicine to photovoltaics, which in 2, 3, 4, years will bring the results."

RT: Can you give me some figures in terms of your investment plans?

AC: "They were fixed before the crisis, and I dont think we should change them. The target is 2015, and 900 Billion Roubles worth of Nanotechnology products produced in Russia. 900 Billion, while currently, nobody knows exactly, but experts consider that its about 4 or 5 Billion, which is nothing. We need to create this almost free learn industry in Russia in 7 years. Thats a challenge."

RT: If we talk globally, is there any positive side to this crisis?

AC: "First, we dont know whats going on. Second, anyway, the new world economy should be new. It should be new, not in terms of volumes but in terms of structure. And we dont know now what sectors will go down, which sectors will go up, what will be the new multipliers between the sectors. Its unknown. So thats why its too early. What is clear for Russia is that the strongest impact on Russia from the crisis is because of the non-diversified Russian economy. And we definitely can be sure that in all the scenarios of the world crisis, Russia needs to develop an innovative economy."


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