Russian deputy PM: Import substitution has reached 80-100%
3 Min Read
With many businesses cutting ties with Moscow, the country finds substitutes for its market demands.
-
Russian Deputy Prime Minister, Dmitry Chernyshenko
According to Deputy Prime Minister Dmitry Chernyshenko, the level of import substitution in Russia has reached between 80-100% and there is no danger in industry and other important sectors, stressing that Moscow is doing everything possible to increase the number of businesses and create new jobs.
"In all critical areas, our level of import substitution is from 80% to 100%. That is, there is no danger for the state, at least for the production industry and various areas. There are, of course, services that do not reach the level of technological giants."
Chernyshenko stated that it is now the time to rapidly improve competitiveness on the global scale.
Sanctions against Russia have caused many multinational corporations, banks, and firms to cut business with the country, driving Russia into an economic dent in the current time. Companies such as McDonald's, Starbucks, and Coca-Cola leave the Russian markets, which could also cause major losses to the companies.
A poll conducted recently measures Russian peoples' opinions and attitudes towards the exodus.
Poll: Over 40% of Russians expect Western companies to return within 1 year
In a poll conducted in March with 5,000 Russian participants, 26% of Russians were seen to believe that businesses that have left the country will take from 3 to 5 years to return while 40% believed that the departing companies will be back within one year, according to Synergy University research reported by TASS.
"Forty-two percent of those polled believe most Western companies that left the country will come back within a year. Another 26% believe it will take the companies 3 to 5 years to return. According to 24% of respondents, the Western companies will come back in 5 to 10 years, and another 8% do not expect the companies to resume operations at all," the research says.
As for those who were indifferent or optimistic about foreign companies leaving Russia, 43% said that their departure will make Russia less dependent on foreign manufacturers, 23% believed the country won't be needing to adhere to Western policies, 18% said it would contribute to developing domestic businesses, 4% said it would make jobs available for Russian specialists, and 12% were indecisive.
