Sat. Aug 13th, 2022

Mikhail Mishustin: “It is important that Russian companies increase the share of localised production at an accelerated pace, boost their competitiveness, and fully meet the needs of the domestic market in high technology and, most importantly, high-quality goods. Moreover, these products should be affordable for both businesses and people.”

Mikhail Mishustin’s opening remarks:

Good afternoon, colleagues,

We continue our cycle of strategic sessions where we discuss ways to develop our key economic sectors in the new conditions. Today we will discuss the developments in Russian industry, and identify risks and challenges that prevent industrial growth, including those that may emerge in the distant future.

Our main priority today, as we have stressed many times, is the development of our own production. The issues of adapting the industry and enhancing its resilience receive much attention as part of the work of the Government response centre and at our industry-specific meetings, including those with the President. Of course, all this requires additional budgetary funds. And we continue to support industries. At the same time, the effective spending of funds will be under special control.

The international sanctions imposed on Russia have broken the industrial cooperation that existed for many years, as well as production and logistics chains, which, of course, has affected industries in recent months. At the same time, the situation across industries is extremely uneven.

We need to carefully monitor existing dynamics and specifically adjust support measures if necessary, help businesses in the regions maintain employment and continue working at already started investment programmes and launch new investment projects. Let me remind you that soon, at the suggestion of the head of state, another mechanism will be launched: the industrial mortgage, which will make it possible to increase the pace of rebuilding production capacity.

We are also expanding our support for industrial clusters and technology parks. We are now preparing an updated model. Resident companies must have access to long-term financing and guaranteed long-term demand, including through new offset contracts. We will also work on a special tax incentive programme.

It is important that Russian companies increase their share of domestic production at an accelerated pace, increase their competitiveness, and fully meet the needs of the domestic market in high-tech and, most importantly, high-quality goods. Moreover, these products should be affordable for both businesses and individuals.

At the same time, I would like to note that we need to use the mechanisms of private-public partnership more actively, and we have experience in such interaction. The President spoke about how necessary the coordinated work of the authorities and entrepreneurs is. Only by joining efforts for the benefit of our country will we achieve success.

Colleagues,

Industry is a driver of the economy, its key link. Countries that have managed to successfully overcome global economic crises and foreign political pressure have always relied on their industry.

We are facing the task of strengthening the industrial potential of Russia, making industries powerful and independent. And the technological development of Russia and its economic sovereignty will directly depend on the success of our decisions.

I suggest talking today about other things that must be done to ensure the continuous operation of the industrial sector and its sustainable growth. I would like to ask you to focus on the availability of critical technologies, materials, and components. This is the foundation of our economic and technological sovereignty.

Source – Russian Government