VELIKY NOVGOROD, July 29. /TASS/. Import substitution processes in the Russian economy open new opportunities for rare-earth metals production, Russian President Vladimir Putin said on Friday.

The situation has dramatically changed recently on the global rare-earth metals market, the President said. In particular, current prices are above $20 per kg on average in comparison to peak 2011 year prices of $40 per kg, the head of state said.

"All that influences on investment plans of an enterprise. However, the market opens additional opportunities even in such an environment. New areas for application of rare-earth metals appear. Import substitution processes are launched in the Russian economy. It is important to address these trends and assess sector prospects within 5-10 and more years’ term and develop investment programs on that basis," the Russian President added.