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Extract from interview of first vice premier Sergey Ivanov to Izvestia daily


Izvestia: How do you assess the future of state controlled corporations? Will private capital involvement be possible in future?

Sergey Ivanov: I cannot see any prospect for state-run corporations for now. Thought it is not altogether impossible. As far as nanotechnologies are concerned, we actively establish cooperation with private companies. However, the government will use the budgets of state-controlled corporations to finance only those projects – and I will keep a close watch on it within the scope of my competence – that are maximally commercially beneficial. State corporations were established not for the science’s sake but to make a merchantable product of scientific achievements. And we can see certain progress here - let’s take light emitting diodes as an example. In simple terms, it means that we stop using electric bulbs and switch to new illumination devices consuming four times less energy. Imagine all doorways and staircases in Russia at night – billions of dollars could be saved. I visited plant “Svetlana” in Saint Petersburg, and by way of experiment they replaced all illumination in a train with vandal-proof light emitting diodes. And Zenit fans who took that train to get to a football match could not break anything.   

However, we are in an utter mess  - open joint stock companies such as United Aircraft Corporation rank among state-controlled corporations. The law says the government should own a 75% share, and private capital participation is allowed. The same thing with the shipbuilding industry.  And these corporations operate and are managed as ordinary joint stock companies. But I think that everyone has understood over the past 15 years that private capital never was and will not be interested in spheres such as aircraft, aerospace industry and shipbuilding   because there will be no profit in visible future. We are not uncompromising guards, believe me, and we actively cooperate with private capital in general and international private capital in particular where it is beneficial.  

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