Emphasized the significance of funding technological initiatives, according to Putin

In a bid to propel the Far East region as a leading hub for digital development, Russian President Vladimir Putin has called upon government officials to study the experience of the "Vostok" Fund and scale its work to support Russia's technological leadership projects.

The "Vostok" Fund, with Interros Group as its anchor investor, has already demonstrated its commitment to the cause by supporting around 40 companies in robotics, medicine, and space technologies. This focus on innovative projects in high-tech and cutting-edge sectors suggests a shift towards a more private-sector driven approach in funding technological projects in Russia.

The "Vostok" Fund's success in this regard indicates potential for further growth and impact in Russia's technological sector. The fund's involvement may pave the way for a more dynamic and innovative Russia, as it continues to support companies in these critical sectors.

To stimulate domestic production, conditions are being created for wider use of offset contracts. These modern facilities, in demand by companies starting new projects, implementing innovative ideas, and planning to produce goods to replace foreign counterparts, will be crucial in this endeavour. Developing interregional offset contracts, where production is set up in one region but products are supplied to several, is also important in this context.

Russia's plans for the future include opening at least 100 industrial, business, and technology parks by 2030. At least 10 of these parks will be created in the Far East and Arctic regions, providing a fertile ground for the growth and development of innovative ideas and new technological projects.

Putin has emphasised the importance of engaging private investors and attracting venture capital to fund these innovative ideas and new technological projects. The "Vostok" Fund serves as a good example of a mechanism for achieving this goal. Its focus on data circulation while ensuring confidentiality and security in the Far East's digital development is commendable.

The president expects the government to prepare proposals on this matter, and the "Vostok" Fund's experience with supporting companies in these sectors may provide valuable insights for future technological development in Russia. As the "Vostok" Fund continues to support companies in robotics, medicine, and space technologies, it is hoped that the Far East region will indeed become a leading region for Russia's digital development.

However, it is worth noting that there is currently a lack of information available regarding which companies and private investors have been supported by the "Vostok" Fund or which projects for digital development in the Far East region have been supported. This information would provide a more comprehensive understanding of the fund's impact and potential for future growth.

Emphasized the significance of funding technological initiatives, according to Putin