President Vladimir Putin on Friday set the aim of increasing Russia's non-energy exports 6 percent over every coming year as part of an accelerated transformation of the country's economy.
To achieve this goal, the government will introduce new support mechanisms for Russian manufacturers on global markets while actively supporting the replacement of imports on the domestic market, Putin said during a speech at the St. Petersburg International Economic Forum, Interfax reported.
The president added that imports can be decreased by modernizing domestic industry, building new enterprises and localizing production in Russia, rather than placing explicit limitations on imported goods.
Putin named software, electronics, power-generating equipment, textiles and food products as viable candidates for import replacement.
"But we will engage in supporting import substitution only where the prospects are good, where we can and must be competitive," Putin said, adding that domestic companies will be understood as those operating in Russia and in accordance with Russian law, even if their ownership is partially or fully foreign.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
