Caspian Energy Journal Caspian European Club
Wednesday, 11 June 2014 21:00

Internet Entrepreneurship in Russia Forum

President of Russia Vladimir Putin took part in the Internet Entrepreneurship in Russia Forum, organised by the Internet Initiatives Development Fund.

During the Forum representatives of the Russian internet business community and investment funds discussed the sector’s development as well as cooperation between the authorities, funds and entrepreneurs aimed at establishing the internet industry as a separate significant branch of the national economy, Caspian Energy News ( reports with reference to the press service of President of Russia.

Before his meeting with Forum participants, the President viewed the City of Startups exposition, which presents achievements in the implementation of projects selected for further support by the Internet Initiatives Development Fund in 2013.

Excerpts from transcript of the meeting with participants of the Internet Entrepreneurship in Russia Forum

“About a year ago, we set up the Fund, which was supposed to support internet start-up projects. I have to say that we began this work ahead of the 20th anniversary of the Russian internet – I believe it turned 20 in April. Over the years, the internet in this country has turned from a means of communication into a very profitable business. I am sure you know this, but I would like to remind you nevertheless that it accounts for 8.5 percent of GDP. The markets that are in one way or another involved in internet business account for over 5 trillion rubles, 5.2 trillion to be exact [$150 billion].  This is a large and very interesting business environment”, Putin noted.


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