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Today in Russian Business – Feb 12, 2010

Dmitry Medvedev’s commission to modernize the economy is calling on big business to contribute to ‘an innovative economy‘ with initiatives such as Mikhail Prokhorov’s low-budget car.  The president is also pushing for more privatization, ordering his cabinet to sell government stakes over the next two years; and announced that it would be a government priority to develop Russia’s pharmaceutical industry and reduce its dependence on foreign medicine.  The Russian auto industry is looking healthy after yesterdays news of a joint venture between Sollers and Fiat was followed by the announcement that Germany’s Daimler had agreed to increase its stake in KamAZ.