At least 5 years are needed to implement innovation projects successfully – VEB
Sochi, October 3, 2015
SOCHI, October 3. /TASS/. At least 5 years are needed to implement innovation projects successfully. First Vnesheconombank Deputy Chairman, Andrei Sapelin told about it at a round-table session “Development Institutions. What did we manage to achieve?” The session took place in the course of the International Investment Forum Sochi-2015.
The round-table session’s participants discussed the first results of innovation development institutions’ operation as an instrument for carrying out long-term priorities.
“Vnesheconombank differs from commercial financing institutions because it is designed to invest in ideas that can generate profits in the long term”, said Sapelin. VEB was set up 8 years ago to fund major industrial and infrastructure projects, provide support for import substitution production facilities as well as for small and medium-sized enterprises”, he said.
“The main result is that we have already implemented dozens of projects. An average investment phase of a serious project, whether it be an industrial or an infrastructure one is 3-5 years today. Most of our projects became budget-forming ones in the regions. As a rule, enterprises and businesses funded by us start to operate they are among three largest taxpayers”, said First VEB Deputy Chairman.
Discussion of Innovation development institutions’ efficiency is to be continued at a forthcoming forum “Open Innovations-2015 to be held in Moscow from October 28 to November 1. The discussion will be built around the following theme "The man at the junction of technological revolution trends." Five thematic days reveal five spheres of human life, dramatically changing under the influence of technology -productivity, environment, education, health, and entertainment.
V. Dmitriev: “By supporting big business we shouldn’t forget about developing small and medium-sized enterprises”
The National Banking Magazine
Moscow, October 2, 2015
A key priority in VEB’s operation should be to support major investment projects aimed at introducing advanced technologies to increase our country’s export potential. This is a crucial task now, given that the amount of long money in our economy is decreasing under the influence of restrictive measures taken against Russia.
This is an opinion that Vnesheconombank Chairman Vladimir Dmitriev voiced in his address at the International Investment Forum Sochi-2015. “At the same time, by supporting big business we shouldn’t forget about developing small and medium-sized enterprises. In our activity we always keep this in mind and to this end for example we created a single window system for owners of SMEs. We hope that this system, to be more exact, the Export Center will play a key role in supporting SMEs”, explained Vladimir Dmitriev.
“I’d like to stress that this initiative is important because it is designed to create investment lift. It is aimed at reducing tax burden on SME companies through entering into their capital by the Credit Guarantee Agency”, added Vnesheconombank’s Chairman.