Russia is turning away from the market economy

Russia is turning away from the market economy

According to the Ministry of Commerce, domestic needs and technological sovereignty are the country’s primary concern.

In its economic policy, Russia should focus on prioritizing domestic needs, the country’s Minister of Industry and Trade, Denis Manturov, said on Friday at the plenary session of the State Duma. “We regard the satisfaction of domestic needs as the top priority of our economy. However, this does not mean that we close ourselves off and do not increase our export potential. On the contrary. Especially in view of the negotiations on mutual cooperation with new markets. Above all, the Middle East, Southeast Asia, Africa and with the countries of South America,” the official stated. He noted that in order to achieve this goal, Russia needs to change its industrial policy. “It is necessary to move from a market-oriented industrial policy to a policy that ensures technological sovereignty,” Manturov stated, adding that this idea is fully supported by the Russian government. The official believes that imported machinery and equipment should be gradually replaced with Russian versions, noting that “the industry must practically independently ensure the operation and development of all consumer sectors”. “We will speed up the production of our own products to replace imported parts,” Manturov said, adding that the government would allocate additional funds to support large state projects. They are also planning to create alternative logistics channels for Russian products, keeping in mind new markets, he said. The minister outlined five strategically important areas where technological sovereignty is of utmost importance. These are national security and defense, where priority will be given to the creation of Russian-made high-tech weapons; the energy sector, which is in dire need of domestically produced equipment, as energy companies find it difficult to obtain foreign-made parts and equipment due to Ukraine-related sanctions; as well as shipbuilding, the aerospace industry and the chemical industry. As the minister stated back in May, Russia does not aim for full import substitution in industry. He explained that there are industries where Russia is forced to substitute imports due to national security concerns, while in other industries international cooperation is and will be maintained.Hardware, software, tests, interesting and colorful news from the IT world by clicking here!

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