Expert names top five technologies that will drive Russia’s economy

The digital economy in Russia will grow through the development of 5G, the expansion of data center capacities, and telecom operators expanding Internet of things technologies, Deputy Director of the Department for Digital Economy Projects at the Ministry of Communications and Mass Media Alexei Galyuzhin said during a roundtable on the venture capital market held at the Russian Government’s Analytical Center.

He named five technologies that will become the key drivers of the Russian economy by 2024.

One is 5G networks, another, the expansion of data center capacities; then there is the Internet of things; digital technologies in the social sphere; and Russian-made software,” the official said.

He pointed out that these technologies actually form the basis for the Digital Economy national program.

The program’s budget is RUR 1.6 trln ($25 bln). More than RUR 1 bln have been allocated from the federal budget, and the rest will come from extrabudgetary sources,” Alexei Galyuzhin added.

The official added that in 2017–2018, fixed investment – which does not pay off quickly but can provide stable income for several decades – grew by 60% in software development; by 19% in other information technology projects; and by 14% in telecommunications.

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