PM says Russia to launch industrial real estate mortgage at 5%

YEKATERINBURG, Jul 4 (PRIME) – Russia is ready to launch a mortgage program for industrial real estate at 5%, Prime Minister Mikhail Mishustin said at the Innoprom trade fair on Monday.

"We will issue loans at 5% to buy the existing industrial premises, which will help remove the infrastructural restrictions and open the possibility for fast fulfillment of innovative projects. As I have recently said, work on a program of industrial real estate mortgage is about to be finished, and it will be launched in several months," Mishustin said.

Some Russian industries are declining, but the situation is not critical in any sector, Mishustin said.

"We have many advancements, in many respects, this allowed our industry to remain afloat and avoid the dramatic scenarios forecasted by our opponents. There is a certain decline in some sectors, but we are nowhere near a critical level. The opposite is true: there is an increase in electronics, pharmaceuticals and other industries," Mishustin said.

According to Mishustin, Russia needs to increase local manufacturing of ship spare parts, because the country is unthinkable without a strong fleet. He also said that the same measures shall be applied to ship repairs.

He also said that Russia has to become technologically independent in the pharmaceutical industry. "We have coped with production of vaccines and medicines, but the success was partially based on imported components, which is why we must immediately start to form technological independence in biological and chemical substances, raw material and equipment," Mishustin said.

The official said that it was impossible to isolate Russia, because the country is intrinsically connected with the world and has many friends. The official added that retargeting of Russia's exports flows is not a temporary trend and is planned to raise economic stability.

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