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Import falls 5% in Russian industry in six months — Ministry of Industry

August 11, 2015, 12:43 UTC+3 MOSCOW
This is particularly related to the processing industry and industrial and construction segment, Russia's Acting Minister of Industry and Trade says
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© TASS/Piotr Kovalev

MOSCOW, August 11. /TASS/. The share of import in the Russian industry declined by 5% in the last six months. A large number of new import substituting production facilities is established and entails growth of domestic goods on the consumer market, Acting Minister of Industry and Trade Gleb Nikitin said on Tuesday in an interview with the RBC TV channel.

"Import substitution may be of two kinds. This is the quick and immediate import substitution on existing facilities. We note such import substitution even at the falling market. The import share dropped by 5% in average in 5-6 months of 2015; the share of domestic content rose accordingly," Nikitin said.

This is particularly related to the processing industry and industrial and construction segment, he added.

"The second stage of import substitution is to create new production facilities and implement new investment projects. The import substitution of such kind requires an investment phase and needs more time. We will probably see results in such import substitution later," the official said.

The industry was challenged by a range of problems when launching the import substitution program, Nikitin said.

"Problems with disruption of traditional cooperation chains occurred," the acting minister said. He added the ministry notices a large number of initiated greenfield projects even despite problems with capital availability.

"A large number of initiatives appear in the mechanical engineering sector and in the processing industry for establishment of new production facilities that are import substituting ones," Nikitin said.

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