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Duma speaker expects Russian industry to become competitive when sanctions removed

"Once those restrictions are gone our domestic industry will be competitive enough to solve the issues, including export supplies," Volodin said

State Duma Speaker Vyacheslav Volodin Alexei Nikolsky/press service of the President of the Russian Federation/TASS

State Duma Speaker Vyacheslav Volodin

© Alexei Nikolsky/press service of the President of the Russian Federation/TASS

PSKOV, January 18. /TASS/. Amid the current sanctions imposed by the US and EU Russia’s industry is able to strengthen its market positions, State Duma (lower house of parliament) Speaker Vyacheslav Volodin said when visiting Moglino, a special economic zone located in Russia's Pskov Region, on Saturday. He added that when the restrictions are lifted local producers would be ready to compete, including overseas supplies of their products.

"Our task is to create conditions for you, whereas yours is to employ technologies and become competitive on the market. Currently you enjoy preferential taxation within the special economic zone," he said addressing businessmen and the region’s administration.

"If you use the opportunities of the environment amid sanctions and challenges related to political decisions of the EU and US you can tap the market now," he said. "Once those restrictions are gone our domestic industry will be competitive enough to solve the issues, including export supplies," Volodin added.

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