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At least 5 years are needed to implement innovation projects successfully – VEB

3 october 2015 года
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TASS
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.
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