MOSCOW (AP) - Russian lawmakers on Wednesday approved the creation of a state-run nanotechnology corporation, an area of science that President Vladimir Putin has elevated to a national priority and for which he has pledged $7 billion in state funds.
The lower house of parliament passed legislation on the formation of the Russian Nanotechnology Corporation, or Rosnanotekh, which will implement state policy and commission projects in the field.
"Nanotechnology is not a passing fad - it is about the competitiveness of Russian products internationally," Vice Speaker Vladimir Pekhtin was quoted as saying by the ITAR-Tass news agency.
In his annual address to lawmakers in April, Putin compared its importance to the birth of nuclear science and said no less than $5 billion would go toward setting up Rosnanotekh. Nanotechnology is "a key direction for the development of modern industry and science," Putin said. Eventually, as much as $7 billion could be invested he said.
Nanotechnology is "a key direction for the development of modern industry and science," Putin said, comparing its importance to the birth of nuclear science.
Russia's state coffers are overflowing with petrodollars and its finances have transformed since the economy's collapse in 1998. Putin has launched projects aimed at diversifying the economy away from a reliance on raw material exports and creating super state-controlled corporation over key sectors of the economy.
First Deputy Prime Minister Sergei Ivanov, who oversees national industrial projects including nanotechnology, is a leading contender to succeed Putin in presidential elections next year.
Some critics have warned that the vast funds earmarked for nanotechnology could be squirreled away by corrupt officials, and cast the program as a patriotic, pre-election rallying cry.
The upper house of parliament must still approve the bill after which it goes to Putin for signing.
