Governor of St. Petersburg announced a policy of compulsion to innovations

St. Petersburg Governor George Poltavchenko announced that the period of extensive growth of the urban economics has ended and called for innovations.

Available resources and simple solutions have been exhausted in the industry, urban planning and services. The time of easy money is over - Vedomosti quotes Poltavchenko.

Although the medium-term development of the city will rely on traditional manufacturing, Petersburg, according to Poltavchenko, is to create 5-7 new economic sectors that could grow at 15-20 percent per year. Only automobile cluster develops at this rate so far.

According to Poltavchenko, the time has come for compulsion policy aimed at all areas of activity innovation controlled by the city government. The share of state demand for innovative production in the St. Petersburg should be raised to the level of 15-20 percent - he said.