4 May 2023 17:07

Russian govt to update consolidated manufacturing industry strategy soon - PM

MOSCOW. May 4 (Interfax) - The Russian government expects to stabilize industrial production over the next few years and intends to update its consolidated manufacturing industry strategy in the near future, Prime Minister Mikhail Mishustin said on Thursday.

"Given the new challenges and tasks, it is now necessary to update the consolidated strategy for the development of the manufacturing industry. The government expects to complete this work in the near future," he said during a strategic Industry Development session.

"According to preliminary forecasts, production growth in this segment will be about 1% for the year. I ask the ministers of industry and trade and of economic development to monitor the trend for this indicator," Mishustin said, adding that "over the next few years it is necessary to achieve stabilization of the industrial production index."

"We expect that next year it [the industrial production index] will grow," Mishustin said.

The Federal State Statistics Service (Rosstat) said at the end of April that overall industrial output in March 2023 had grown for the first time in 12 months, by 1.2% year-on-year, after falling 1.7% in February and 2.4% in January. Manufacturing rose markedly, by 6.3% year-on-year. The Russian Economic Development Ministry says in its forecast, updated in April, that industrial output might grow 0.2% in 2023 and 2.8-2.9% annually in 2024-2026.

Mishustin said the government would soon approve a technological development concept for the period to 2030. "Our plans call for the launch of industrial megaprojects over the next two years in a number of sectors, primarily in manufacturing, in order to ensure that orders are generated for the development and implementation of critical technologies. The entire system of state support must focus on delivering such technological projects," he said.

The government is counting on bigger private investment in industry, for which, Mishustin recalled, a cluster investment platform for the provision of long-term loans at a reduced rate was launched in March. The program of state guarantees to support industry was recently extended and increased by a third to more 300 billion rubles, and the industrial mortgage program has been expanded with 1.35 billion rubles of subsidies available for 2023.