Medvedev: Govt invests 73.5 bln rbl in import substitution 2015

CHELYABINSK, Apr 25 (PRIME) -- The state invested 73.5 billion rubles in Russian import substitution in 2015, equal to private investment in the segment, Prime Minister Dmitry Medvedev said during a meeting in the city of Chelyabinsk on Monday.

“The state support amounted to about 53.5 billion rubles, and additional 20 billion rubles were provided from the Industry Development Fund. This totals 73.5 billion rubles. Approximately the same sum was provided by companies from their own funds or borrowings,” Medvedev said.

“As a result, over 800 investment projects were launched in 2015. In general, it is a good figure.”

The state also gave loan guarantees and subsidies for research and development, as well as so-called project financing, when a part of investment is provided by the state and the remaining funding comes from private investors.

IMPORT SUBSTITUTION 2016

Medvedev expects state investment in import substitution to be almost flat on the year in 2016.

“Of course, we plan to support import substitution further and to provide financing. Funding from the budget will be almost flat this year,” he said.

Industry and Trade Minister Denis Manturov said that 423 import substitution projects totaling about 300 billion rubles will be implemented in 2016.

“From the beginning of the year, 97 projects have already been launched,” he said.

At present, Russia’s Industry Development Fund and the central bank are implementing a new state program to support leasing of industrial facilities. The program is likely to increase demand for machine tools by 15 billion rubles, Manturov said.

Russian authorities also plan to implement industrial localization programs, the minister said.

Medvedev said that the Industry and Trade Ministry and the Energy Ministry plan to coordinate state programs in the fuel and energy industry with steps to support import substitution.

“It cannot be ruled out that we will need research and development in many fields, not all, but many, and state financing for it,” he said.

(66.2198 rubles – U.S. $1)

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