Russia sets ambitious IT, digital growth targets by 2024

The day after Russian President Vladimir Putin and his Chinese counterpart Xi Jinping signed a number of business developments documents – including a fund for bilateral investment cooperation in national currencies, members of Russia’s Presidential Council for Strategic Development and Priority Projects met.

They focused on “The Digital Economy program” that Putin sees as a means to provide the Russian economy – both on public and private stages – with a “new foundation” and to further adopt the “digital economy” as a way of life rather than just as a standalone industry.

Stressing that the average Internet speed in Russia is the same as in France and Italy, Putin underlined what’s been achieved so far and announced that the federal and regional authorities’ investment in information technologies (IT) would amount to around RUB 200 billion (USD 3.33 billion) this year 2017.

Ahead of a summit in Hamburg (Germany), Putin deemed “very important” that “the G20 gives more attention to the digital economy as a growth driver and a new factor of global governance.”

According to the Minister of Communications Nikolai Nikiforov, Russian IT exports have reached USD 7 billion and 500,000 Russian programmers currently work in the IT sector. His colleague of Industry and Trade Denis Manturov set a 30% productivity increase target by 2024 thanks to the digital sector’s growth.

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