Russia's bioeconomy expected to exceed 1 trln rubles by 2036, faster than planned - industry minister
GELENDZHIK. Oct 7 (Interfax) - Russia's Industry and Trade Ministry expects the country's bioeconomy to grow faster than projected in the government's national project, which sees it doubling to 1 trillion rubles by 2036, Industry Minister Anton Alikhanov said.
The ministry's coordinating council for industry and the government import substitution commission's coordinating council for import substitution of chemical and petrochemical products held a joint meeting at the Bioprom forum on Monday at which they discussed the new national project "Technological Support for the Bioeconomy," and the strategy for developing this sector in the period to 2035 and the more distant future to 2050.
"We named figures today, 440 billion-450 billion rubles turnover [on the biotechnology market in Russia in 2024]. Our goal, according to the documents we developed, is to reach a market of 700 billion rubles by 2030 and try to break through the threshold of 1 trillion rubles by 2036. I can't say that this is some overly ambitious bar. We're seeing that, in principle, the projects that we are now considering at the coordinating council, they will probably enable us to exceed these goals, reach the trillion threshold far sooner than in 2036," Alikhanov told reporters after the meeting.
The biotechnology market's rate of growth will depend in part on the amount of government support, including at the regional level, he said.
Financing for the new national project will begin next year, Alikhanov said, without specifying the amount of funding that will go directly toward supporting biotech projects.
"This will be tens of billions of rubles of explicitly specific instruments for biotech," Alikhanov said. In addition, some financing will come under existing instruments to support industry, including the cluster investment platform, the Industrial Development Fund (IDF) and programs to reimburse a portion of R&D costs (government resolution No. 1649).
