TECHNOLOGY MARKET TO INFLUENCE RUSSIA'S ECONOMY

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ST. PETERSBURG, October 8 (RIA Novosti) - In four years, the scientific technological market in Russia will influence the economic indices of the whole country, said Anatoly Karachinsky, president the IBS group. Mr. Karachinsky is attending the 5th Russian Venture Fair in St. Petersburg.

"Venture investments in Russia are at the initial stage," he said. "However, the scientific technological market is rapidly growing and I think that in 3-4 years it will become a major factor that will influence the country's economic indices."

In his opinion, the insufficient level of venture investments in Russia is explained by psychological factors. "The cause does not lie in the lack of money," he said, "but in the small number of successful cases that would convince people that it is possible to earn money with their education, wits or ideas. People need to start believing in this. But this takes time."

The Russian venture fair is topical, as it helps developing venture investment in Russia. "The fair is a place where people start believing that after inventing something interesting, they can find somebody to invest money into it," he said. "The exhibition shows that the country has a tremendous potential."

According to Mr. Karachinsky, similar fairs should be held in every region twice a year. "Today, it is much wiser to earn money with one's own business rather than extract minerals," he said. "This idea should become state policy. If we want to be included again in the list of great powers, we must create an economy that is not built on natural resources. It is important that capitalization of Russia outside of natural resources increases. This is the criterion of the country's activity in the new conditions."

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