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Today in Russian Business – October 7, 2009

At the International Nanotechnology Forum, President Medvedev announced that the global nanotechnology market is worth $250 billion today, and may increase to $2 trillion to $3 trillion by 2015, placing it on a par with the natural resources market.  Russia will spend $10.7 billion by 2015 on its nanotechnology industry to diminish the country’s reliance on raw materials.  Renault has apparently agreed to invest in ailing Avtovaz, under warnings from Vladimir Putin that the French company’s stake may be diluted otherwise.  Russia’s first IPO since the crisis could be undertaken by the Stem Cell Institute.  This month the central bank may reduce its key interest rate to a record low, says Bloomberg.  The rate of inflation has fallen to its lowest in two years as food prices dropped.  The government expects that the privatization of state property over the next year will garner $2.3 billion, ten times more than previously expected.  Valery Nazarov, former head of the Federal Property Management Agency, will be re-appointed to oversee privatization plans.