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Russian billionaire oligarch Viktor Vekselberg...

"I believe it"s extremely important this project starts on the right track from the very beginning and breaks even on its own. I hope this task will take us 5-7 years," he said on Tuesday during a committee meeting on Russia"s economic modernization held in Siberia"s Khanty-Mansiisk.

The construction works would start soon, according to Vekselberg, however developing a large-scaled research center and achieving the demanded scientific and research potential would take years.

Vekselberg is positive on the success of the new high-tech hub, which he called an "interesting and ambitious challenge". However he emphasized, Skolkovo"s research center would succeed only if international companies participate in it.

The business tycoon said innovations and modernization are what is needed to revive the Russian economy.

Vekselberg heads a huge Russian private holding, operating in gas, oil, metallurgy, energy and nanotechnology.

Russian President Dmitry

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