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Putin: Russia must not seek total Import Substitution

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April 26th, 2016 ~ Fort Russ News ~

~ Rusvesna ~ transcribed by J. Flores ~

Russian President Vladimir Putin believes that Russia should not try to achieve import substitution in all sectors. Exceptions should be only the defense industry and other critical technologies.

“This is what I want to say. We should not strive to ensure that all imports are substituted for. This is the wrong way, we have import-substituting in critical technologies, in a which lines up with the way that the entire economy is developing, and of course, related to the defense industry. But we can not replace import, and we should not strive to, this is the wrong way “, – Putin said.

In total, this year there are more than 420 import substitution projects slated to be developed, with a total value of 300 billion rubles.

According to Industry and Trade Minister Denis Manturov, already implemented are 97 projects, since the beginning of 2016

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“Now we are working with the financial mechanism of oil and gas companies to develop domestic analogues based on technologies that are now used in imported products. For this purpose it is proposed to create a fund on the basis of the development of industry, a reverse engineering center that accumulates public and private funds in the proportion of 30 to 70 “, said Manturov.

Import substitution will be developed not only through production, but also resulting from localization.

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