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State Hampering Private Investment in Space Industry

Current state restrictions hinder the private sector from financing the development of the country's space industry, a senior space official said Thursday.

Russia is expected to spend 2 trillion rubles ($70 billion) on its space program up to the year 2020, but only 72 billion rubles will come from private investors, according to Denis Lyskov, deputy head of the country's space agency, Roscosmos.

"The current system for managing the space industry through the use of nonmarket state regulation does not facilitate additional private financing for production in the civilian sector," Lyskov said at a Moscow conference on the development of Russia's space industry until 2030.

"Space companies' heavy dependence on full-scale financing from the state significantly hinders the development of the space industry in general," the official said.

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