All recipes for accelerating growth in Russia come down to the need to transfer funds from raw materials industries to the processing industry. It is clear that when only industries that are somehow connected with exports or with the primary processing of customer-supplied raw materials grow, a breakthrough in growth rates cannot be expected.

President Putin has long ago (back when everyone was happy with the economic growth figures) made it clear that he personally would like Russia to develop high-tech industries first and foremost. The presidential wish is almost three years old, but Russian hi-tech still shows no signs of life.

It is not surprising that the government is now concerned with the structural reorganization of industry. Officials have to solve two problems - develop the domestic market and ensure the inflow of capital into high-tech industries. The first task is not solved quickly, but the growth of real incomes of the population (albeit very modest) inspires optimism. The situation with the solution of the second task is much worse.

The Ministry of Industry and Science promptly prepared a program dedicated to the development of venture financing - a world-famous stimulator of hi-tech development. The document notes that, apart from the state, there is no one to engage in venture projects. Therefore, the state is invited to launch the process itself.

However, the creation of semi-state funds using state money is not something that can cause a venture boom. These measures will not be enough to create entire industries from scratch, even if oligarchs are obliged to donate "raw material" money for the development of science. The main problem hindering the development of venture business will remain the impossibility for an investor to exit a project, i.e. sell it profitably. The Ministry of Industry and Science proposes to create "a number of specialized exchange platforms" as well as infrastructure to attract strategic investors. This idea seems utopian. Oil and metallurgists are not eager to invest money in industries that are not related to them, not because there are no exchanges or fairs where this product would be presented in abundance. They are afraid of the risk of working with new projects oriented towards weak domestic demand or an oversaturated foreign market. You don't have to look far for examples: metallurgists are still figuring out what to do with automobile plants they bought on the spot. Lots of suppliers, lots of dealers, demand restrictions. And the profits - in any case - are small.

EDITORIAL: Russian Nasdaq