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Russian PM urges stimulus for domestic business for import substitution

October 07, 2014, 12:23 UTC+3 MOSCOW
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MOSCOW, October 7. /TASS/. Russia needs to develop state and private partnerships, create stimulus for domestic business and use internal reserves more effectively for production upgrade amid the tense international situation, Prime Minister Dmitry Medvedev said on Tuesday.

“Today, amid the tense international situation, the government is paying serious attention to ensuring our country’s economic security and resolving the issue of import substitution,” Medvedev said.

In this environment, Russia needs “to promote state and private partnership more actively, create stimulius for the development of innovative entrepreneurship and the attraction of investment, and also use internal reserves more actively for replacing fixed production assets, developing and introducing advanced science-intense technologies,” the Russian premier said in his address to participants in the national congress on modernization of Russia’s industry and the priorities of development.

The Russian prime minister said he expected the congress to analyze the current situation on the domestic and global markets and formulate specific recommendations to help ensure Russia’s sustainable economic growth.

Import substitution has become a topical issue for Russia after Western countries slapped sanctions against Moscow over its stance on developments in neighboring Ukraine, barring, in particular, the supplies of technologies and equipment for Russia’s energy sector.

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