The push towards a modern economy: The Skolkovo innovation centre and IT as a way of reforming Russia’s economic strategy

The authors of this article refer to the prospects for Russia’s Skolkovo innovation centre. It is believed by many that this project will match California’s Silicon Valley when completed. The main aim of the article is to highlight the economic impact this project will have on the Russian economy and how this mega project will help Russia to shift its dependence from its natural resources of oil and natural gas to other key factors, such as IT, innovation and technological projects. In the past, Russia has been heavily reliant on oil and natural gas, which had been the major core of the economy. However, things have become a little more complex, in particular in Europe, but at global level. Hence, the new situation demands that Russia looks for alternative means to get its economy going instead of relying on oil and natural gas as it has been doing over the past several years.