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Putin sets up council on modernization, innovation

19 June 2012 03:50 (UTC +04:00)

Baku-APA. Russian President Vladimir Putin has established a council on the countryâ€™s economic modernization and innovation development, the Kremlin press service said Monday, APA reports quoting Xinhua.

According to the Kremlin, Putin chairs the council and Prime Minister Dmitry Medvedev chairs its presidium.

Ministers of Economic Development, Education and Science, Industry and Trade, Energy, Finances, other officials in charge of economic and technological issues, as well as heads of major Russian companies are the councilâ€™s members.

The councilâ€™s principal task is to coordinate actions of various state institutions, companies, scientific organizations and others on the federal and regional levels, regarding modernization of the Russian economy and innovations development.

After becoming the President for the third time, Putin has reiterated that Russia must create a favorable investment environment and foster a competitive commercial environment.

He has also set a task for the coming years to raise the countryâ€™s Doing Business ranking in the World Bank from the 120th to the 20th place.