Major foreign cos mulling production in Russia given weaker ruble - minister
YEKATERINBURG. July 8 (Interfax) - The depreciation of the ruble is encouraging foreign manufacturers to produce goods in Russia, Industry and Trade Minister Denis Manturov said on Tuesday at the opening of the Innoprom exhibition in Yekaterinburg.
"For foreign investors, the ruble's current exchange rate means a lower entry price. There are a number of internationally known companies that are prepared to set up production independently in our country," Manturov said.
"We expect to achieve a higher level of processing for a broad range of goods and, ultimately, to change the traditional positioning of Russia as a country with a resource economy," the minister said.
He also stressed the importance of reducing the cost of ruble borrowing. The sanctions imposed against Russia are creating new opportunities "and we cannot not take advantage of this," Manturov said.
"This applies to both Russian businesses and to our partners, who are guided primarily by economic gains," Manturov said.