Russia's Anatoly Chubais urged on Saturday for the diversification of the economy, to prevent it from turning into a sales market for foreign commodities once the global economic has recovered from recession.
"My conclusion is that the world has woken up, realized that it is alive and needs radical change," Chubais, head of Rosnanotech, a state corporation that oversees nanotechnology research, told reporters on the sidelines of the World Economic Forum in Davos, Swiss Alps.
Chubais, former head of Russia's electricity monopoly and a controversial reformer who oversaw Russia's painful transition from the Soviet planned economy to a free market, said the country must cut its dependence on natural gas and oil export revenues.
"The question is what we will be able to offer to the changing world? Gas? Gas again in five years and in 15 years? And gas in 40 years' time again?" he said adding that the EU seeks to source 20% of its energy needs from renewables, including biomass, hydro, wind and solar power, by 2020.
If gas and oil continue to sell well, Russia will retain its revenues, but can turn into a sales market for foreign goods, he said. "The dilemma is that simple - innovation or degradation," he said.
Chubais said his corporation must spearhead the efforts, and its target to bring annual sales of nanotech products to 900 billion rubles (about $30 billion) by 2015 is now the lowest possible figure.
DAVOS, January 30 (RIA Novosti)
