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Russia to earmark over $420 mln to prop up exports in 2017

December 19, 2016, 15:11 UTC+3 MOSCOW
Russia is set to increase exports in pilot areas with high export potential, such as car building, aircraft construction, agriculture and railway machinery
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MOSCOW, December 19. /TASS/. Russia’s Industry and Trade Minister Denis Manturov said more than 26 bln rubles ($421 mln) will be earmarked to implement the export promotion program next year.

"The government has adopted a separate program on export promotion, more than 26 bln rubles will be allocated for these purposes. This includes subsidies to compensate credit interest rates on export products, compensation of expenditures on logistics, certification of products exported internationally," he said Monday.

In early December, the Council under the Russian President for strategic development and priority projects adopted the priority project to develop industrial exports and international cooperation in the area. Exporters will be able to recover compensation on promotion of products overseas, transportation, certification, the protection of intellectual rights, exports-related R&D. Regarding non-financial support, the plan is to set up and expand distribution networks and implement post-sale service programs.

The program is set to create the background for increasing Russia’s industrial exports, first of all in pilot areas with high export potential, such as car building, aircraft construction, agriculture and railway machinery.The program is set to create the background for increasing Russia’s industrial exports. Russia’s exports in those areas are expected to rise 1.5-2-fold in 2017-2018 compared with 2016 due to this program. In the long run, those supportive measures will cover the industrial areas producing non-resources export commodities. The plan is to implement the priority project by May 2020.

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