The Russian government has approved a strategy for the country’s innovation-based development until 2020. A respective executive order has been added to the database of federal regulatory and executive acts.

The strategy, drafted on the basis of the law on science and state research and technology policy and provisionally approved by the government presidium in September, sets long-term targets for innovation activity and provides guidelines for financing fundamental and applied research and supporting the commercialization of new scientific projects.

The new strategy will be implemented in two stages. At the first stage, from 2011 to the end of 2013, the Russian economy and business will be reoriented to become more open to innovations. The second stage, from 2014 to 2020, will involve retooling and modernization of major industries and developing of an effective nationwide system to encourage and introduce innovation.