22 Nov 2022 17:13

Russian manufacturing of radio electronics should grow 17-fold to occupy 70% of domestic market by 2030 - Industry and Trade Ministry

KRASNOGORSK/MOSCOW REGION. Nov 22 (Interfax) - The amount of the domestic radio electronics market should grow 17-fold to 6.3 trillion rubles by 2030, Russia's Deputy Industry and Trade Minister Vasily Shpak said on Tuesday at the Intellect of Machines and Mechanisms forum.

According Shpak's presentation, the amount of Russian products, from the Industry and Trade Ministry's registry, in the area of radio electronics totaled 370 billion rubles at the end of 2021, 12% of the overall volume, whereas the total volume of Russia's radio electronics market, including foreign products, was estimated at 3.06 trillion rubles.

Russia's radio electronics market should grow to 6.3 trillion rubles by 2030, and the overall market amount should reach nine trillion rubles. Russian products should occupy 70% of the market.

"According to the results of our strategic sessions, we should increase our production 17-fold in 2030. At first glance, it is clear that the task seems impossible, though all those who have interfered with us have decided to help," Shpak said.

Shpak said that the main task was to prepare, prior to the first quarter of next year, a detailed plan of activities and work for the next three years.

It was previously reported that the Russian radio-electronics industry could receive support in the form of subsidies totaling 111 billion rubles from the federal budget in 2023-2025, according to the materials on Russia's draft budget for 2023-2025.