Putin signs law on industrial policy

Russian President Vladimir Putin on Wednesday signed a law on industrial policy establishing the principles of industrial policy, measures to support industry and determining the powers of the authorities of all three levels in the sphere of industry.

The document is available for viewing on the official legal information portal. It was earlier passed by the State Duma on December 16 and approved by the Federation Council on December 25.

The law defines the key concepts in the sphere of industrial policy and industrial activity, sets the goals, objectives and principles of industrial policy and describes the use of measures of financial, information, and consultative support, and determines the territorial aspects of industrial development.

"The law is needed because there is currently no comprehensive legislative act governing the relations arising between legal entities, private businessmen, and public bodies in the formation and implementation of industrial policy in the country," Gleb Nikitin, first deputy industry and trade minister of Russia, said earlier in the State Duma.

Under the law, the goals of industrial policy are stable and innovative industrial development, the achievement and support of a highly competitive national economy, import substitution of industrial products in most sectors of the industry, and ensuring the national security of the Russian Federation.

The amendments submitted for second reading classed a transition of the economy from export and resource type of development to innovative type of development as the goals of industrial policy.

The law defines the rights and powers in the industrial sphere of the Russian government, the public bodies of the Russian regions, local self-government bodies and organizations of industrial activity support infrastructure.

The law On Industrial Policies in the Russian Federation will take effect 180 days from the day of its official publication.

Read more: Russia stops issuing short-term visas to visit Kaliningrad from January 2015

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