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Def. minister promotes electronic concern project in northwest

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NIZHNY NOVGOROD, September 12 (RIA Novosti) - Russia's defense minister said Tuesday that a conglomerate of radio electronics enterprises will be set up on the basis of defense sector enterprises in the northwestern Russian region of Nizhny Novgorod.

"It is not the first time this issue has been raised," Sergei Ivanov, who is also deputy prime minister, said, adding that enterprises in this sphere have survived the turbulent post-Soviet period and are developing.

Ivanov said he met with Boris Alyoshin, head of the Federal Agency for Industry, which is in charge of the project, earlier in the day and they agreed to speed up efforts to launch the merger.

The government has made efforts to revitalize the country's industrial base as it seeks to diversify the economy away from commodity exports. To this end, it is forming a venture company, which will invest in high-tech companies through venture funds that will also have private financing.

It has also passed a law on Special Economic Zones, which will come into force in January, which envisages free industrial production zones and technology parks to attract foreign investment and boost the development of hi-tech industries.

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