Medvedev says Russia advances in innovations with major companies going to spend $20 billion in 2013

Russia's major companies budgeted a total of $20 billion for innovative programs in 2013, Russian Prime Minister Dmitry Medvedev said.

"I've just looked at the figures, only major companies allocated around 550 billion rubles for programs of innovative re-organization and re-equipment in 2013. This is about $20 billion," Medvedev said at the conference Dialog on the Future in Skolkovo.

The Russian prime minister said that these were "not fantastic figures but this is quite serious money already."

State institutions - venture structure, Rusnano corporation - are involved in innovative processes in Russia and are participating actively, Medvedev said.

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