MOSCOW, April 19. /TASS/. Russia doesn’t need to carry out import substitution in all sectors of industry, experts from the National Research University Higher School of Economics (HSE) said in a report dubbed ‘New Outlines of Industrial Policy’ (obtained by TASS).

"The integration into the system of world economic relations is imperative for ensuring the Russian economy’s competitiveness. The focus on import substitution cannot be all-encompassing because in a number of areas closer attention is needed for strategic foreign investors, for new country-oriented areas, and forming beneficial economic conditions, on the one hand, yet with market development prospects, on the other," experts believe.

That said, the Russian authorities should scale up the activities of the industrial development fund for support of small and mid-sized companies and, probably, provide grants to companies for cultivating their cooperation.

"In separate cases, when the potential of Russia’s unique technological solutions exists, a temporary withdrawal from global chains is rational, though with compulsory focus on joining them in the future (within several years) at more profitable stages," the report said.

Moreover, HSE experts note high dependence on foreign added value in domestic final consumption, for example, in products of the textile, pharmaceuticals industry, electrical machinery, computers, electronic and electric equipment, motor vehicles it exceeds 50%. Meanwhile, in metal products, paper and chemical products it ranges from 30% to 50%. That said, the report insists that EU countries and North America account for roughly half of the added value in imports, whereas the second half in the majority of sectors is largely based on imports from China.