Russia expected to reach full import substitution for railway rolling stock parts by 2024 - ministry

MOSCOW. April 11 (Interfax) - Russian enterprises are expected to be able to achieve full import substitution for parts for railroad rolling stock manufacturing in two years.

Relevant issues were discussed during a meeting between Russian Industry and Trade Minister Denis Manturov and the heads of the largest railroad rolling stock manufacturing enterprises, the press service for the Industry and Trade Ministry said.

The parties noted during the meeting that the sector's priority task is to increase the pace of import substitution, including for key parts for locomotives, electric trains, and maintenance vehicles.

The meeting's participants believe that the development of new high-performance equipment and ensuring rolling stock operation services will facilitate the development of the sector and noted that they have all necessary capacities to increase production volumes.

"The company heads indicated at the end of the meeting their readiness to further boost product output in order to fully satisfy domestic demand, and they plan to have already reached full import substitution by 2024," the press service said.