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00:01 GMT +3 hours19 December 2014
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Russia to build its own 'Silicon Valley' near Moscow - Medvedev

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A high-tech research and production hub, similar to the Silicon Valley in California, will be built in Skolkovo near Moscow

A high-tech research and production hub, similar to the Silicon Valley in California, will be built in Skolkovo near Moscow, Russian President Dmitry Medvedev said on Thursday.

Medvedev said that the center's research will focus on five priority spheres: energy, information technologies, communication, biomedical research and nuclear technologies.

"We will build the center where we have enough facilities to do it quickly. Time is of utmost importance here. So, we will build it in Skolkovo," Medvedev said.

The Russian president announced plans "to form a powerful center for research and development" during his annual state-of-the-nation address on November 12.

Russia's second largest city of St. Petersburg, and Siberia's Tomsk and Novosibirsk, were named among the likely locations. Obninsk and Dubna, two towns near Moscow which retained a high concentration of research and development facilities from the Soviet period were also seen as possible contenders.

Skolkovo will be home to an eponymous Management School, a joint project by 14 major Russian and international companies and business leaders aimed at creating the first world-class business school in Russia.

The high-tech hub will be located close to the school's campus, which is now being built from scratch in an undeveloped zone just outside Moscow.

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.

MOSCOW, March 18 (RIA Novosti)