Putin ruled out import substitution as a panacea for all ills

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Import substitution is not a panacea, we are not going to deal with it alone. This was stated by Russian President Vladimir Putin at a meeting of the Eurasian Economic Forum, RBC is broadcasting.

“After all, import substitution is not a panacea for all ills, and we are not going to deal exclusively with import substitution,” the president said.

According to the HEAD of state, RUSSIA will continue to engage in import substitution in those areas where it is necessary, and will also develop its industry and technologies.

The idea of ​​import substitution found support among a third of companies Economics

In July 2020, Putin also said that Russia should develop its own production capacities and not depend on imports, and that import substitution is not a panacea.

Andrei Klishas, ​​head of the Federation Council Committee on Constitutional Legislation and State Building, said earlier that the import substitution program in Russia had completely failed.

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Presidential spokesman Dmitry Peskov, in turn, admitted that there are unfulfilled plans. However, work on the implementation of the program is underway and it is necessary to take this into account, the press secretary believes.

The speaker of the Federation Council Valentina Matviyenko spoke about the need to review and update the state program of import substitution. “Now we need to accelerate, pay attention to sensitive industries, understand where we have an acute dependence and how to overcome it as soon as possible,” she said. According to Matvienko, goods produced in Russia not by 70, but by 100% can be considered completely import-substituting.