Russia has "learned its lesson" about oil price volatility, the chief executive of the Russian Direct Investment Fund (RDIF) told CNBC Tuesday.
Speaking from the World Economic Forum in Davos, RDIF CEO Kirill Dmitriev emphasized the importance of diversification in the Russian economy.
"For the Russian economy we continue to focus on diversification. We expect technology to make up 25 percent of our portfolio," Dmitriev said. "Infrastructure and tech still need to be important and I think Russia learned its lesson about oil price volatility, so diversification and investment in those areas is very key."
RDIF is the $10 billion sovereign wealth fund created by Russia's government to co-invest in the Russian economy alongside other countries. Dmitriev was made chief of the fund in 2011 to improve foreign investment flows and investor confidence in the country.
The head of the Kremlin's investment vehicle was positive about the country's growth forecast, despite the pressure of U.S. sanctions issued in both 2014 and 2016 over Russia's annexation of Crimea peninsula and alleged Russian interference in the latest U.S. election.
"Russia saw major increases of FDI (foreign direct investment) last year of 25 percent, which is one of the highest levels of FDI in (our) history, and it's related to Russia resuming growth," Dmitriev said. "We had almost 2 percent GDP growth last year, we'll have more than 2 percent next year."
The World Bank reported Russia's 2017 GDP growth at 1.7 percent for 2017, and forecasts the same for 2018.