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RUSSIA'S ECONOMY

Putin urges Russian producers to foster competitive market environment

The task is to boost domestic export potential and not merely to substitute import, Putin has noted

© Valeriy Sharifulin/TASS

MOSCOW, April 26. /TASS/. Russian President Vladimir Putin calls to develop competitive environment on the Russian market within the import substitution framework.

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Putin backs creation of system to promote Russian goods on domestic market

"The competitive environment should be maintained when implementing import substitution plans without unjustified preferences and overprotection for individual market participants," Putin said on Wednesday. "Competition should be kept among Russian producers" even in areas where preference is assigned to domestic products, he added.

The task is to boost domestic export potential and not merely to substitute import, Putin said.

"It is important to understand that government support of import substitution projects is not unlimited," the head of state said.

The main task is to stimulate launch of new projects, "to lend shoulder and help to gain traction at the initial stage," Putin said. "Success will later depend on responsibility and skillful management approach of chief executives of companies," he added.

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