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2021 June 10 17:09

Ministry of Industry and Trade renews import substitution programme with a focus on production of components

Image source: official website of Kremlin
Import substitution programme switches to a new format

The Ministry of Industry and Trade renews the import substitution programme and wants to switch to a new format, Minister of Industry and Trade Denis Manturov told Vladimir Putin at their working meeting.

“…we are renewing the import substitution programme and want to switch to a new format. Previously, we had the main focus on producing and substituting final products. Now we are shifting the focus, taking into account the outcome of the pandemic and the increasing geopolitical tension on us. We will focus on developing our own raw materials and components.” Denis Manturov suggested granting support via the Industrial Development Fund among other mechanisms.

“The mechanism works like this: the borrower receives a concessional loan, and upon reaching the target indicators, we will partially write off this loan”, explained the Minister.