Russian President Dmitry Medvedev expressed hope on Thursday that his "symbolic" visit to the Silicon Valley will contribute to the development of innovative companies in Russia.

Medvedev, who seeks to diversify the Russian economy by reducing its dependence on oil and gas exports, has made developing hi-tech sectors and encouraging research the focal point of his economic agenda. He is now pressing ahead with the creation of a national hi-tech research hub in Moscow suburb Skolkovo, dubbed by the media as the Russian Silicon valley.

He said that he expected to send a signal to major Russian businesses that they should engage in high-tech research projects on the Russian territory, particularly in Skolkovo.

"My visit here is to set a certain target for our businesses, [to show] that they should engage in this... Signs and symbols have huge importance in life," Medvedev said.

"We learned [how] to start big businesses and spend big money. For some major Russian businessmen it's easier to spend $50,000-100,000 for their own pleasures than to invest them into a venture project," he went on.

"It doesn't mean that I call on to 'squeeze' [major] businesses, but their help is welcome. We need examples in order to [attract businesses]," the Russian leader added.

Despite the fact that Russia's answer to the Silicon Valley is still in the planning stages, several companies already announced their participation, including one of the world's largest technology companies CISCO. Finnish mobile giant Nokia will become a founding member in the project.

"That's why it's important for Skolkovo not just to invite giants like Cisco or Apple there — they will come there on their own, just to expand their presence to Russia. The most important is to make small businesses running," he said.

PAOLO ALTO, June 24 (RIA Novosti)