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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Russia tasks tycoon Vekselberg with modernisation drive AFP - Wednesday, March 24 Send IM Story Print The Kremlin said Tuesday it had appointed billionaire Viktor Vekselberg, pictured in 2009, to develop Russia's answer to Silicon Valley, the flagship project in its drive to wean the country's economy off oil and gas. Slideshow: Full Photo Coverage: Internet Portals & Search Engines MOSCOW (AFP) - – The Kremlin said Tuesday it had appointed billionaire Viktor Vekselberg to develop Russia's answer to Silicon Valley, the flagship project in its drive to wean the country's economy off oil and gas. Russian President Dmitry Medvedev is seeking to build a high-tech hub near Moscow that would focus on developing several priority sectors, including nuclear energy, IT and telecoms. "I have made a decision that the Russian part of this coordinating structure which we will create will be headed by Viktor Feliksovich Vekselberg," Medvedev said at a meeting in the northern town of Khanty-Mansiisk. With a net worth of 6.4 billion dollars, according to Forbes magazine's most recent ranking, Vekselberg is one of Russia's top billionaires with interests ranging from energy to metals and electronics. The establishment of the high-tech hub near Russia's new business school of Skolkovo just outside Moscow is the Kremlin's new pet project following Medvedev's pledges to create a knowledge-based economy. Overseen by the Kremlin's top ideologue Vladislav Surkov, the project's main aim is to entice leading Russian and foreign scientists to the hub where they could focus their energies on sectors such as IT, nuclear and bio-medical technologies, energy and telecommunications. Many critics however have ridiculed the Kremlin's idea, saying rampant corruption, bureaucracy and the lack of political freedoms will stifle creativity. But Vekselberg told reporters he was optimistic about the project. "I believe in this, if I did not then I would not take it up," news agencies quoted Vekselberg as saying in Khanty-Mansiisk. "It's a challenge of sorts." He said he would head the high-tech centre, considered Russia's answer to California's Silicon Valley, alongside a foreign co-director and a list of potential candidates would be drawn up within the next six weeks. "There is an understanding that we would like to see an authoritative figure with experience in commercialising innovations in this post," Vekselberg was quoted as saying. At the meeting, Medvedev reiterated his call to give the high-tech hub priority attention. "The new technologies which we are creating are not toys for eggheads," he said in the televised meeting. Medvedev's push to develop high-tech came after the global economic crisis hit the country hard, with analysts saying Russia was paying the price for failing to reform its hydrocarbon-reliant economy during the boom years. Recommend Send IM Story Print Related Articles In Chavez's Venezuela, the revolution will be blogged AFP - 2 hours 58 minutes ago Russia tasks tycoon Vekselberg with modernisation drive AFP - Wednesday, March 24 Egypt bans international Internet voice calls AFP - Wednesday, March 24 Google not guilty in Louis Vuitton case AFP - Wednesday, March 24 Nintendo to launch 3D-capable DS in 2010/11 Reuters - Wednesday, March 24 News Search Top Stories WTO rules on epic Airbus-Boeing dispute Eurozone eyes crunch talks to break Greek stalemate UN body rejects protection for shark species Trade protection given to cool water shark Last Supper is growing by Biblical proportions More Top Stories » Related Full Coverage Internet Portals & Search EnginesLatest development in the online world All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended With health vote, Obama claims a new place in history Auschwitz attic trove names 'Angel of Death': historian Gene study highlights cancer risk for "never smokers" Last Supper is growing by Biblical proportions Eurozone eyes crunch talks to break Greek stalemate More Most Viewed » Experts confirm asteroid wiped out the dinosaurs 'Britain's Fritzl' raped daughters for over 25yrs Researchers back cancer-fighting properties of papaya Hollywood stars help prevent suicide after Twitter alert Prince Philip in strip club gaffe More Most Recommended » Elsewhere on Yahoo! 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