The oil-rich government has the cash and the plans to support microelectronics and officials envision a chip industry model leaning toward vertical integration.

"They see it as a 'must' to have the complete range of activities inside Russia, from idea to production," Golinske said. "This is a strong belief at every level of people we talk to."

However, developing a chip industry takes years if not decades and others have questioned whether Russia has the political will for sustained support if oil revenues decline.

Russia also needs to do more work in developing effective IP protection, fair investment and tax regulations and anti-corruption measures before the high-tech zones can prove to be more than just real estate projects.

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