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Russian Prime Minister Mikhail Mishustin signed a decree that will improve support for innovation in industry,reportson Monday the press service of the Cabinet.

“The mechanism for supporting organizations implementing innovative projects in priority industries will be improved,” the statement says. It is about subsidizing part of the costs of research and development work. Previously, subsidies were available only upon completion of work, but now they can be obtained in advance.

“The funds can be used to pay salaries, purchase equipment, rent premises, register the results of intellectual activity and other purposes. In this case, the end result should be the launch of an innovative product into serial production,” the Cabinet of Ministers said.

The list of technologies to which this support measure will apply will be formed by an interdepartmental commission. It will also set the limit on subsidies for priority industries. The recipients of the payments will be determined based on the results of a competitive selection. In total, about 28.7 billion rubles will be allocated for these purposes from 2020 to 2022.

The government hopes that the decision will stimulate the technological development of the country, strengthen the export potential of the Russian industry and increase its competitiveness.

A source: TASS

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EDITOR’S NOTE: This article is a translation. Apologies should the grammar and / or sentence structure not be perfect.

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