Russia’s machine tool industry to grow by 5.7% per year until 2035

MOSCOW, Nov 9 (PRIME) – The output of Russian machine tool industry will grow by 5.7% per year to 79.5 billion rubles in 2035 as seen by PRIME in the government’s development strategy published on Monday on the website for disclosure of legal information.

The current situation in the industry is tough -- there is a lack of competitive companies, the technological level of products is low, and there is not enough qualified personnel.

Under the plan, localization should reach 70%, and exports should grow to 16.5 billion rubles.

The government plans to raise demand for machine tools and their products in the country, create conditions for higher investment in research and development of component parts of machine tools, create conditions for improvement of cooperation between Russian companies in the sector, stimulate integration of Russian producer of component parts into the global production chains, and stimulate improvement of workforce productivity in the industry.

The Industry and Trade Ministry should consult with the relevant authorities and develop a plan in nine months that would ensure achievement of the strategy’s goals.

(77.1875 rubles – U.S. $1)

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