Vladimir Putin instructed to create in the Russian Federation comfortable conditions for investments in technology startups

: Aleksandra Shilova | ASI Press service

Vladimir Putin urged the parliament members to gear up the Russian legislation to reflect the new technological reality and instructed the Government to jointly with development institutions support those investing in the creation of innovative products.

"I am instructing the Government to create the most comfortable conditions for private investment in technological startups and to involve development institutions in their support. I am asking members of parliament to promptly pass the laws that are most crucial for creating the legal framework of the new digital economy, laws that will allow to close civil deals and raise funds using digital technology, to develop e-commerce and services. The entire Russian legislation must be geared up to reflect the new technological reality. These laws must not restrict the development of innovative and promising industries but push this development forward," the President stated in his Address to the Federal Assembly.

Vladimir Putin emphasized that by the middle of the next decade Russia must join the ranks of world leaders in a wide range of scientific and technological directions.

"Now is the time for more daring initiatives, for creating businesses and production companies, for promoting new products and services. This wave of technological development allows companies to grow and win markets very quickly. There are already examples of successful companies, innovative companies. We need many more of them, including in such fields as artificial intelligence, Big Data, the Internet of Things and robotics," the Russian leader noted.