19 Jul 2018 12:28

Developing exports far more important for Russia than import substitution - minister

MOSCOW. July 19 (Interfax) - Pushing imports out of the domestic market is no longer a significant driver of growth for the Russian economy, realizing the country's export potential is far more important, Economic Development Minister Maxim Oreshkin said.

Import substitution was one of the government's mottoes after the imposition of Western sanctions against Russia in 2014 due to the events in Ukraine and Russia's retaliatory restrictions on food imports that same year.

"It seems to me that import substitution is already a kind of subject a little bit from the past. We discussed this actively in 2014-2015. Now, the subject of exports and entering foreign markets has a far bigger role in the Russian economic agenda," Oreshkin said at a Valdai Club meeting in Moscow.

"We have a national project for exports, we don't have a national project for import substitution," Oreshkin said, illustrating the government's priorities.