Russia must accelerate the development of its regions, including the Arctic and the Russian Far East, President Vladimir Putin said at a meeting of the Presidential Council for Science and Education in the Kremlin, RIA Novosti reports.

"We must above all create a powerful technological foundation for breakthrough economic growth and global competitiveness of our companies, improve the quality of our healthcare and agricultural industries and accelerate the development of our regions, including the Arctic and the Russian Far East," Putin said.

He added that these goals can only be achieved through the concentration of budgetary and private funds and a close interaction of the academic community, the authorities and Russian businesses.