OREANDA-NEWS. February 11, 2010. Large private companies have to make a major contribution to the modernisation of Russia's economy and promote its growth, Dmitry Medvedev said during his speech at the meeting of the Commission for Modernisation and Technological Development of Russia's Economy.

These companies have received substantial government support during their various stages of development, Mr Medvedev recalled. This holds for the 1990s and the recent crisis during which the government proved itself a reliable partner that will not abandon private business to its fate. And today, when it comes to Russia’s upgrade to the innovative economy, we must understand each other and make up a plan of specific measures and long-term policy outlines, the President said.

President Medvedev said that within the next two months he expects private companies to come up with breakthrough technology projects for their core business. Moreover, these projects should be aimed at creating innovative products.

Dmitry Medvedev touched upon the development of venture capital and the mechanisms of state co-financing, noting the need for targeted measures to support specific projects.

The President announced that he had signed an executive order to establish in Russia a powerful research and development centre that would become a major testing ground for new economic policy.