12 Apr 2018 15:38

Medvedev asks Russian business to accelerate import substitution

ST PETERSBURG. April 12 (Interfax) - Russian Prime Minister Dmitry Medvedev has called on Russian companies to accelerate the development of corporate plans for import substitution.

"This is not the first year this work is being carried out. But the pace, to put it bluntly, could be quicker. There are companies which have confirmed their plans and are actively getting on with this work. They are participating in localization, financing research and development, testing Russian models. But there are others which have only developed draft plans but haven't confirmed them or have completely stalled at the analysis stage," Medvedev said at a meeting of the government commission for import substitution.

The prime minister said: "It is clear that our firms have their own clear risks and costs; the question always arises of what the demand will be for the planned product, how to calculate its profitability when there aren't any long-term contracts yet."

"But nonetheless this road needs to be traversed," he said.

He called on Russian business "to more actively go ahead with import substitution projects," adding that "there are now a number of new problems which probably require a government response."