17 June 2013 23:28 [Source: ICIS news]
MONTREAL, Canada (ICIS)--Russia plants to invest about $13bn (€10bn) in industrial biotechnology over the next seven years, a trade group official said on Monday.
The investment will help the country reach its targeted penetration with biofuels aimed at 3% in 2015 and 10% in 2020, and with renewable chemicals to account for 2% in 2015 and 5% in 2020, said Alex Ablaev, president of the Russian Biofuels Association.
Today, the total biotechnology market in Russia contributes $1.6bn to the country’s economy, he said at the World Congress on Industrial Biotechnology conference.
The industrial segment for forest biotechnology accounts for 15% of that market, while agrotech and pharmaceuticals make up 20% and 65%, respectively.
Ablaev said main drivers of industrial biotechnology include feedstock pressure, the need for rural development and a heritage of scientific excellence in the country.
Russia has more arable land than any other country in the world, he said, and its grain and sugar harvests are growing each year, giving Russia “enough cheap glucose” for industrial biotechnology development.
The government has also been supportive of industry efforts, as there is demand support in the country’s domestic support for biotechnology as well as export support to the rest of the world.
The World Congress on Industrial Biotechnology conference runs through Wednesday.
($1 = €0.75)
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