Russia and China have great cooperation potential in the high-tech sector, and enhanced cooperation will create new opportunities for both sides, the head of the Russian Nanotechnology Corp. said Wednesday.

Russia is closely following China's achievements in the high-tech sector, particularly in nanotechnology, said Anatoly Chubais, a former first deputy prime minister under late Russian president Boris Yeltsin.

Chubais hailed China's big investment in innovation and expressed the hope that Russia and China will reach consensus on cooperation projects.

Russia will improve its investment climate and provide unique financial services in a bid to attract foreign investment and cooperation projects, he told Xinhua while attending the Troika economic forum in Moscow.

Chubais said Russia's heavy dependence on energy is not standing in the way of building an innovative economy.

Chubais believed that the reliance on natural resources is not so harmful because many countries with distinctive raw materials are able to establish an innovative economy within 15 to 20 years.

He stressed that traditional oil and natural gas businesses should not be grounded in the pursuit of an innovative economy. On the contrary, special natural resources could become major driving forces in the process, he said.

Chubais admitted that Russia has lagged behind in fostering an innovative economy in recent years. However, given its enormous human capital and resources, Russia has a good chance of changing the status quo and nurturing a first-class innovative economy through technological innovation and increased investment in the transformation of science.

Talking about Russia's ongoing innovative projects, Chubais said Russian nanotechnology has more than 60 cooperation projects on the table, and some of them will be put into practice in the near future.

In particular, Russia is building its largest solar panel factory, he noted.

He added that dozens of new nanotechnology factories are being built with sponsorship from Russian Nanotechnology. The factories, which will work on national innovative projects, are expected to number more than 100 by 2015.

Russian Nanotechnology, a state-run company, was established in 2007 to oversee nanotechnology research and implement policies related to nanotechnology.

(Xinhua News Agency February 4, 2010)