FINANCIAL PERFORMANCE AND TECHNOLOGICAL MODERNIZATION OF RUSSIAN HI-TECHNOLOGY COMPLEX AND THEIR ROLE TO BOOST ECONOMIC GROWTH
Olga B. Koshovets
Pages: 633-640 Published: 29 Aug 2014
Views: 2,434 Downloads: 1,111
Abstract: The government defense order is currently a determining factor on the development of the Russian high-technology production sector and in particular of its core the military-industrial complex. At the same time, high-technology exports remain a second factor contributing to the high-technology sector growth, while civil high-technology production for domestic markets is affected by stagnation due to limited production capacities. As export contracts profitability is much higher than that of the works on the government defense order it is they that are becoming the main source of financing long-term technical re-equipment of Russian high-technology enterprises. However in the long-term perspective, the exports volume will most likely notably decrease. It is appear that the current situation dictates the necessity for the government high-technology sector financing reform to make technological retooling and production capacities growth less dependent on export contracts, as well as to stimulate the development of the domestic market, which is now neglected in favor of export expansion.
Keywords: russian economy, russian hi-technology sector, russian military-industrial sector, russian arms and military equipment export, russian government fina