Ruselectronics, Russia’s umbrella company for national radio electronic assets, plans to invest 1.27 billion rubles (approximately $35 million) in the development and manufacture of hi-tech products between 2014 and 2016, the company announced.

Ruselectronics said the three-year investment program will be divided into two stages, an “implementation phase for breakthrough development and setting up the manufacture of civilian products” and a “transitional phase to large-scale mass production of innovative products.”

In the first phase, Ruselectronics plans to create an innovation infrastructure, including a virtual business incubator, technopark, a fund to finance research and experimental design projects and an audit company specializing in the radio and electronics industry. The second step includes exporting the innovative products.

Investing in the manufacture of hi-tech products made with domestic components will reduce the cost of the end products by an average of 20-27%, it the holding said.

Ruselectronics was founded in 2009 and is part of the Rostec corporation. As a holding or a management company, Ruselectronics currently consolidates 121 enterprises in the field of electronics.

Source: Digit.ru/RIA Novosti