President Dmitry Medvedev says in his annual state-of-the nation address that Russia needs to overcome its dependence on raw materials exports and develop new modern industries, AP reported. Medvedev says the country has continued to rely on an aging Soviet industrial base and to draw most of its revenues from exports of energy resources. Medvedev said in Thursday"s speech at the Kremlin that a humiliating dependence on raw materials has hampered successful economic development. He said that the nation needs to secure economic growth based on new technologies and know-how. Medvedev said that the economic downturn hit Russia more severely than other countries but refused to shift the blame on the U.S. as Prime Minister Vladimir Putin did. -- SPA
