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MOSCOW, January 23 (Itar-Tass) --The modernisation of the Russian economy is possible but will require an overhaul of legislation, ROSNANO head Anatoly Chubais said.

“Corporate legislation is outdated and is not consistent with innovation economy requirements,” he said a conference entitled “Russia and the World: Challenges of the New Decade” in Moscow on Saturday.

He stressed that these controversies caused Russia to lag behind technologically. “Labour productivity is 29.4-29.5 percent compared to America. By the share of enterprises engaged in technological innovations, we are behind not only Britain or the U.S., but also Estonia, the Czech Republic, Lithuania, Bulgaria, Romania and some other countries,” he said, adding that as far as the investment activity rating is concerned, Russia is 51st of 130 countries.

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Author: Itar-Tass