Russia will diversify its economy and not simply rely on sales of oil and gas for future growth, the country's president Vladimir Putin has insisted.
The country's energy resources would be used to fund investment in high-tech schemes and social programmes, he said.
Russia's economy has grown strongly in recent years but has slowed this year.
A World Bank report has argued that Russian manufacturers are being hurt by the rising value of the rouble, which is subduing economic growth.
Economic progress
The windfall that Russia is enjoying from rising oil prices may lead to a rise in public expenditure which could fuel inflation, the report also warned.
According to the International Monetary Fund, Russia's growth is forecast to slow to 5.5% this year from more than 7% in 2003 and 2004.
Ahead of a state visit to the Netherlands, Mr Putin said huge progress had been made in stabilising the Russian economy since he came to power in 2000.
Inflation had been brought under control, he stressed, while unemployment was falling and household spending rising.
Mr Putin denied Russia was over-reliant on oil and gas production, and that this may hinder its effort to become a broad-based industrial power.
Russia is one the world's largest oil producers but critics have claimed it has not exploited the rising cost of oil to develop its economy.
"We have had serious economic growth of about 7% a year in the past several years," Mr Putin told Dutch journalists.
"To a large extent this is connected with the favourable situation in the international markets but the structure of our economy has always been different from that in other countries, including China."
"We intend to diversify our economy," he added, stressing that Russia had become a major player in the minerals processing sector.
Manufacturing slowdown
The Russian government recently announced plans to channel revenues from oil sales towards technological development and investment in education, housing and agriculture.
Mr Putin said increased spending in these areas was made possible by greater macroeconomic stability and debt reduction.
But economists are worried that the appreciation of the rouble since the economic crisis of the late 1990s was now hurting manufacturers.
While a stronger rouble has boosted foreign investment in Russia, it has made life difficult for domestic producers.
"The slowdown in many sectors of the economy since the second half of 2004 remains visible," John Litvak, the World Bank's Russian economist, said.
Manufacturing growth fell to a nine-month low in October, according to research by Moscow Narodny Bank published on Tuesday.