The Russian government should focus on supporting the innovation sector as a way to cut the country's independence on import and facilitate the solution to current economic woes, Prime Minister Dmitry Medvedev said Friday.

His remarks came at a time when the Russian economy hit the buffers following a plunge in the value of the ruble as well as the free fall in crude oil prices since June.

"As innovation has given a kick to the state-run industry sector, our current priority is to guarantee that investments into innovative researches would lead to the growth of labor productivity," Medvedev told a government meeting held in the Skolkovo Innovation Center, Russia's Silicon Valley located in Moscow.

Russia has seen scant progress in boosting innovations for the past several years. The share of the enterprises investing in innovations remains the same at less than 11 percent, while the target was set at 24 percent, Deputy Prime Minister Arkady Dvorkovich told the meeting.

Several factors led to the innovation doldrums, he said, citing high interest rates, uncertainty in financial markets and general trend in the country. Instead of investing in scientific researches, businessmen preferred to buy high-tech equipment abroad, he lamented.

"Perhaps situation would change due to current exchange rates and restriction on purchase of imported production," Dvorkovich said.

Current situation calls on the government to increase multifold investments into innovation, Nikolai Solobuto, managing director of the Finam investment agency, told Xinhua.

"Financing of the innovations must be increased and this will likely happen, because the priorities of Russian President ( Vladimir Putin) have been changed to economy diversification," Solobuto said.

Under the current circumstances, the project of encouraging innovations must be showered with money as they are the only chance for Russia to overcome the current adversity and get fully prepared for global challenges, Solobuto said.