Addressing the meeting, Mr Ivanov emphasised the need for systemic efforts to create favourable conditions for establishing a national nanoindustry, including through improvements in legislation.

He also highlighted measures to make nanoindustry more effective economically. "For example, we require measures to further develop a national nanotechnology network and stimulate demand for nanoproducts both from the state and the private sector in the economy. However, the situation here is not very positive at this moment," the Deputy Prime Minister said.

Mr Ivanov said that the Russian Nanotechnology Corporation (Rosnanotekh) was markedly behind its targets in its main area of activity - preparing and implementing investment nanotechnology projects. According to him, the main purpose of Rosnanotekh is to search out nanotechnology projects, make them commercially viable and put them into production.

He said that in 2008 and the first five months of this year the Corporation received 980 requests for project funding, totalling 1,027 billion roubles. Last year the Corporation started financing the first projects following multi-level selection. To date, the Deputy Prime Minister said, approval has been granted to 12 projects, including nine concerned with investment, one with education, one with infrastructure, and one with the creation of an investment fund. The total sum of the approved projects is 27.8 billion roubles.

In Mr Ivanov's opinion, the Corporation has a well-oiled multi-tier system of project selection. "It may be complex and bureaucratic, but it gives an adequate estimate of projects both in terms of their possible implementation and in terms of their commercial potential," the Deputy Prime Minister said.