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Russia enters re-industrialization stage — Medvedev

November 05, 2016, 3:55 UTC+3 MOSCOW

"We are working on import substitution which in essence means re-industrialization, or a new wave of industrialization," the Russian prime minister said

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MOSCOW, November 4. /TASS/. Russia has entered the time of re-industrialization after launching the policy of import substitution, Prime Minister Dmitry Medvedev said in an interview with the Chinese Central Television (CCTV).

"We are working on import substitution which in essence means re-industrialization, or a new wave of industrialization, because we had to create the industries that we had never had before. This is connected with sanctions and with current economic needs. As a result, new spheres appear," Medvedev said.

Pharmaceuticals, petrochemistry, hi-tech, IT became part of the import substitution program and "consequently, a new wave of industrialization of our economy," the prime minister added.

Medvedev noted that re-industrialization is an objective process that concerns Russia, China, United States and United Kingdom. "This is not the same industrialization that occurred in the 20th century. This is an industrialization connected with developing new economy, new spheres of economy, first of all based on innovations, on IT. These technologies, IT sphere in itself, became a separate engine of progress, a separate sphere of the economy — a very important sphere," he concluded.

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