"It is an area of activity in which the state is ready to invest on a grand scale. The only question is that this work should be well organized and effective, yielding practical results," Vladimir Putin told a meeting at the Kurchatov Nuclear Research Institute in Moscow.
He said nanotechnology will lay the groundwork for new weapon systems, both offensive and defensive, adding that nanotechnology is already being used in high-tech sectors of industry, medicine, transport, space research, and telecommunications.
Science and Education Minister Andrei Fursenko said his ministry has drafted a nanotechnology development program through 2015 and that it is currently being studied by the Finance Ministry.
He said 1.66 billion rubles [$63.8 million] has already been earmarked for nanotechnology research in 2007 alone.
Fursenko said the Kurchatov institute has been assigned to spearhead the research effort.