Russia's answer to Silicon Valley, being created from scratch near Moscow, should be given tax breaks for at least five years, the Russian billionaire coordinating the project said on Thursday.
"I think, we will ask for certain tax breaks for a period of five to seven years," Viktor Vekselberg said on Rossia 24 TV news channel.
The new high-tech research and production hub is being set up in the Moscow Region town of Skolkovo. Vekselberg was named to coordinate the project in March, and has said it will need up to seven years to break even, although the first results will appear much earlier.
The businessman, who has interests in the energy, commodities and electronics sectors, admits that mistakes will probably be made in implementing the ambitious project.
"This is not a normal business project where everything can be estimated beforehand," he said. "Elements of risk exist of course."
Vekselberg added that creating the right environment to attract participants was an important task, but stressed that every project would have to meet strict requirements before getting a start in Russia's Silicon Valley.
"I hope Nobel Prize winners will appear in this town soon... Our ambitions are very high - we want to create a town of the future, which will have a spirit of creativity," the businessman said.
A consultation council on the Skolkovo development will be organized soon. "We would like international scientists, leading businessmen, representatives of big corporations and even politicians to take part," he said.
In March 2006, the Russian government approved a program to create technoparks to incorporate high-tech enterprises in such sectors as nano-, bio-, information and other kinds of technology, as well as scientific research organizations, educational institutions and other related ventures.
The new Skolkovo center's activities will focus on five priority spheres: energy, information technologies, communication, biomedical research and nuclear technologies.
MOSCOW, April 1 (RIA Novosti)
