The Russian Federation President Dmitriy Medvedev met a number of the Russian Union of Entrepreneurs and Employers’ representatives on October 21, 2009. The BOD Chairman of Magnitogorsk Iron & Steel Works (MMK), member of the Union’s Board, and President of the Union’s Chelyabinsk Region division Viktor Rashnikov took part in this meeting.

The agenda of this conference had to do with the country’s post-recession development. The Union representatives presented a number of proposals related to both the post-recession strategy and the current crisis-defying measures. They also spoke about the need to make Russian economy more innovative through the introduction of a specific innovation-spurring stimulus package. For one, some changes in the budget, customs, and tax legislations are needed. Then, innovative companies must be able to count their R&D expenses as prime cost ones, while the customs law must encourage the business community to import hi-tech machinery.

Following the meeting, Rashnikov said support of innovations was vital to MMK.

‘For many years, we have been trying to turn our company into a hi-tech enterprise that implements the most advanced technologies and solutions. All of our new machines are based on the latest global achievements. We have always been, and still are, the metallurgical branch’s No.1 in terms of incorporating scientific findings into our everyday operation,’ he observed.

Rashnikov added MMK was actually financing fundamental metallurgical research through a special grant fund. Moreover, the company has recently set up a special scientific/technological center in order to switch to a single technology and innovation policy throughout the enterprise and to promote R&D. The executive noted such efforts should receive some state support through a special taxation scheme.