Kremlin picks site for Russian “Silicon Valley”

(Reuters) – President Dmitry Medvedev on Thursday announced that Russia would build a high-tech hub near Moscow to spur modernization of the economy and reduce its dependence on oil and gas.

The center, designed to develop five priority sectors — energy, IT, telecommunications, bio-medical and atomic technologies — will be built near Skolkovo, a new private-sector business school in the Moscow region.

"We will build it in a place where we already have the solid groundwork for doing it quickly. Speed is of particular importance," Medvedev said.

The project, first mentioned by officials last month, aims to give state backing to major companies to help them develop selected innovative products. The most promising of these will then to taken to fruition in the new "Silicon Valley."

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