Further use of parallel imports must be justified — Russian Security Council chief

Russian Politics & Diplomacy October 31, 2023, 17:54

"The lack of justification for further use of the parallel import mechanism, which has largely fulfilled its role in stabilizing the situation on the goods market does not contribute to increasing innovation activity in the real sector of the economy," Nikolay Patrushev said

TOMSK, October 31. /TASS/. Parallel imports helped stabilize the situation on the Russian market, but because they interfere with domestic developments, their continued use must be justified, Russian Security Council Secretary Nikolay Patrushev said on Tuesday.

"The lack of justification for further use of the parallel import mechanism, which has largely fulfilled its role in stabilizing the situation on the goods market does not contribute to increasing innovation activity in the real sector of the economy," he said.

Patrushev drew attention to the implementation of import substitution plans while speaking especially about the situation in Siberia. The goal of this project is to localize the manufacturing of vital products. However, according to the Security Council Secretary, it has not yet been feasible to complete all of the tasks required to attain technological independence.

"Business investment and innovation activity has increased slightly, particularly in markets for knowledge-intensive and technological products. Other issues that still need development include an economically justified balance between domestic consumption, export and import of industrial products, which is primarily critical for achieving technological sovereignty (including in regionals)," he said.

As a result, Patrushev stated, "local companies frequently continue to focus on purchasing ready-made foreign products and do not use the country's scientific and technical potential to carry out promising developments.".

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