Russia wants to encourage private companies to invest in space exploration, the head of the country's space agency said on Thursday.

"Manned space systems have become rather expensive and private investment should be attracted more actively, like it is in the United States," Roscosmos head Anatoly Perminov said.

He said Russia had not seen the expansion of private investment into space exploration witnessed in the Unites States because Russian companies were not willing to invest in projects due to the "lack of fast return on investment."

Perminov said the design cycle for a new spacecraft takes at least three years and only after this time period the companies could receive revenues.

Russia's government has increased national space expenditures by 40% over the past five years, Euroconsult reported. Last year, Russia spent $2.8 billion on its space program.