Russia's innovation economy is on a bumpy ride due to corruption, bureaucracy and a lingering Soviet mindset, a new study has found. Current innovation policy places too much emphasis on high technology to the neglect of large parts of the Russian economy, according to a study prepared by the Organization for Economic Cooperation and Development (OECD) at the behest of Russia's Ministry of Education and Science.
Since assuming office in 2008, President Dmitry Medvedev has spearheaded efforts to end Russia’s natural resource dependence and transform the country into a knowledge-based economy. At the top of the president's modernization agenda is the creation of the Skolkovo Innovation hub – Russia’s answer to Silicon Valley – which is currently under construction near Moscow. But Russia is having a hard time getting innovation fired up in Skolkovo, the OECD report said. The Kremlin’s efforts are being undermined by such factors as high levels of corruption, a lack of competition, low levels of research and development (R&D) and innovation activities in firms. Russia’s perennial problems – weak infrastructures and horse-and-buggy regulations are not helping matters either.
To read the full, original article click on this link: Russia Profile - Business and Economy - Innovation Slowdown
Author:Tai Adelaja
