“Technological leadership is critically important for the economy development”

Marcel Salikhov, President of the Institute for Energy and Finance, Director of the Center for Economic Expertise at the Higher School of Economics, commented to the "Version" magazine on the policy of technological leadership:

"Technological leadership is critically important for economic development. In the long run, per capita GDP growth is determined not by capital or labor accumulation, but by aggregate factor productivity – that is, how effectively resources are used to create income. And this performance primarily depends on technology. International comparisons over long periods show that the majority of the differences in growth rates between countries are due to technology. However, the key point is clearly demonstrated, for example, by the development institutes under the supervision of VEB RF: technological leadership itself should not and cannot be replaced by administrative import substitution. It is important not just to cover domestic needs at any cost, but to create competitive advantages that allow the country to be at the forefront of global technological development."