Russia launched 350 industries under the import substitution program

© RIA Novosti / Anton to Deniability in photobackgrounds cheese at the farm in the Istra district of Moscow region. Archival photoRussia launched 350 industries under the import substitution program© RIA Novosti / Anton to Danilovmarat the image Bank

Russia launched 350 competitive industries in the import substitution programme over two years will complete another 780 projects, said Minister of industry and trade Denis Manturov at a meeting with Russian President Vladimir Putin.

«The important drivers are the import substitution program. Today we have launched the production and supply including export of competitive production for 350 projects and over two years we will complete another 780 projects that were included in the plan of import substitution», — said Manturov.

According to him, the industry development Fund is one of the main support mechanisms, including sectoral plans for import substitution. He noted that thanks to the support of the Foundation has been working for 35 industries.

«Since the moment of taking a decision on creation of Fund was supported by 268 projects. The total amount, the investment volume amounted to 250 billion rubles, of which 66 billion accounts for preferential loans of the development Fund industry,» the Minister added.

Manturov also said that regions create their own regional development funds of industry, registered for 40 funds with total capital in 2018 more than 5 billion rubles. «All funds operate according to the standards of the Federal Fund, and mainly aimed at financing projects of small and medium-sized businesses. We thus provide penetration in the small and medium sector. It is rather difficult at the Federal level to Fund projects in the 20-50 million, due to the fact that 70 per cent of a gun we’ll co-Finance from the Federal Fund, and 30 will provide the regions, we can ensure the sustainable development of this direction», — said the head of Ministry of industry and trade.

Russia launched 350 industries under the import substitution program© Infografiken sanctions against Russia and retaliatory measures

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