Putin proposes setting up of goverment coordination center for import substitution

President Vladimir Putin has proposed that a government coordination center for the substitution of imports be set up.

President Vladimir Putin has proposed that a government coordination center for the substitution of imports be set up.

"I propose the establishment of a special coordination center at the government and to enhance the government's role in this area. The task of this center is to link large projects to orders placed with Russian enterprises and the development of domestic industries," Putin said in his address to the Federal Assembly.

"We need to be rid of the critical dependence on foreign technologies and industrial products, including machine tools and instruments, power engineering and equipment for mining and the development of the Arctic shelf," Putin said.

"Domestic resource and infrastructure companies can be of great help to our industrialists: while implementing large oil, energy and transport projects they should be oriented towards domestic manufacturers and create a demand for their products," Putin underlined.

The government policy towards the substitution of imported goods and services is not a one-time affair, it is meant to stay for a long period, the president said.

"Reasonable import substitution is our long-term priority which does not depend on external circumstances," Putin said.

In addition, "the import substitution program is due to create a massive stratum of industrial companies capable of being competitive not only inside the country but also on international markets," he continued.

Russia has such companies already, "they are demonstrating high levels of effectiveness and have export potential but they are experiencing a shortage of capital, technologies, labor force and equipment," the president said. "These limitations should be lifted to the maximum degree and a genuine "investment lift" should be created for such companies," Putin added.

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