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Import-substituting Manufacturing
December 31, 2016 00:38


About 250 billion roubles have been invested in the development of import-substituting manufactures in the past two years. This was told by the Russian Prime Minister Dmitry Medvedev in an interview with journalists of leading television channels broadcasted by “Russia 24”.

The Head of the Cabinet of Ministers noted that the state and business had invested in Russian industry “approximately in equal parts”. As a result, it proved to be possible to increase production in the chemical, woodworking and pulp and paper industries by about 10-15 percent in 2016.

External pressure on the Russian economy, according to the Prime Minister’s words, prompted the government to actively change its structure. In November 2016 the Deputy Minister of Industry Viktor Evtukhov announced an increase in production volumes in the domestic consumer goods industry. According to him, investments in fixed assets in the textile and clothing industry amounted to 2.4 billion roubles from January to July.

Russia began to actively develop import-substituting manufactures after the imposition of Western sanctions in 2014, which restricted the transfer of technologies and the supply of some equipment, including the oil-producing equipment for offshore operations.


Author: Anna Dorozhkina

Tags: Russian trade     

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