Russia to invest $1B in nanotechnology

Russia will pour over $1 billion into equipment for nanotechnology research over the next three years as it uses massive oil and gas export earnings to diversify an economy now heavily dependent on raw materials, First Deputy Prime Minister Sergei Ivanov said.

“(Nanotechnology) is a very promising scientific and technical field, capable of fundamentally changing the model of the Russian economy … from a fuel economy to an economy of the future,” Ivanov said after a meeting Wednesday at the Kurchatov nuclear and scientific research institute, which was attended by President Vladimir Putin.

Nanotechnology is an emerging field that works with microscopic particles the size of atoms.

Ivanov predicted that 90 percent of nanotechnology developments would be used for civilian purposes and 10 percent for military purposes.

Source:  Business Week

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