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Russia expects to complete 780 import substitution projects in two years

January 20, 3:50 UTC+3 NOVO-OGARYOVO

According to Denis Manturov, the domestic market in Russia grew by 1% in 2017

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NOVO-OGARYOVO, January 20. /TASS/. A total of 780 projects, included into the import substitution plan, are expected to be implemented in Russia within two years, Russian Industry and Trade Minister Denis Manturov reported to the Russian president on Friday.

"To date, we have already brought 350 projects [to completion] by launching production of competitive products and their sales, including abroad," Manturov told Vladimir Putin. "Within two years, we are to complete other 780 projects, included into the import substitution plan."

He added that a total of 35 production projects in the country have been implemented with the support of the Industry Development Fund.

According to the minister, the domestic market in Russia grew by 1% in 2017, compared to a ten-percent decline in 2015 and 4.6-percent decline in 2016.

"This is an important economic sector which makes up for almost 15% of the GDP, that’s why it creates a noticeable growth in economic results in general," he said.

According to Manturov, Russia’s non-resource exports grew by 19% last year, way above the projected growth of seven percent.

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