11:30 GMT +3 hours23 November 2014
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Russia needs to form its own 'Silicon Valley' - Medvedev

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(updated 18:26 28.10.2014)
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Russian President Dmitry Medvedev said the country must set up a research and technological development center similar to the Silicon Valley in the United States.

MOSCOW, November 12 (RIA Novosti) - Russian President Dmitry Medvedev said the country must set up a research and technological development center similar to the Silicon Valley in the United States.

"We need to complete work on proposals to form a powerful center for research and development, which would focus on the support of all priority spheres," Medvedev said at his annual state-of-the-nation address.

"This will offer conditions to attract leading scientists, engineers, constructors, programmers, managers and financial workers," the president added.

Silicon Valley, located near San Jose, California, is a term that originally referred to the region's large number of silicon chip innovators and manufacturers. Today it is a world leading high-tech hub.

In March 2006, the Russian government approved a program to create technoparks, which will incorporate high-tech enterprises in such sectors as nano-, bio-, information and other kinds of technology, as well as scientific research organizations, educational institutions providing staff for such enterprises, and other related ventures.