authorities did not expect Russian business to replace departed companies so quickly – Kommersant

The Russian authorities did not expect that local businesses would replace the departed foreign companies so quickly, said Russian Finance Minister Anton Siluanov, speaking at SPIEF 2023. In his opinion, Russia has secured technological sovereignty and developed “antibodies” to the new economic situation.

“We have built muscle, we have secured technological sovereignty, we have created independent systems that have allowed us to develop further. … We have had a good year, we have developed antibodies to this situation, and now let them get sick now, ”said Mr. Siluanov.

The minister noted that business quickly adapted to the new reality and over the year the Russian business confidence index rose from 48% to 54%.

In addition, Mr. Siluanov said that Russia’s main task now is to increase its share in the “world economic pie.” In his opinion, a “global transformation” is now taking place, which is painful for other countries, including those who used to be leaders.

According to the Center for Business Research of the Institute for Statistical Research and Economics of Knowledge of the National Research University Higher School of Economics, the leaders in terms of import substitution potential in the Russian Federation are manufacturers of drugs (50% have a high level), machinery and equipment (40%), electrical equipment (35%), plastics (34%) , automobiles (33%), textiles (32%), computers, electronic and optical products (30%). The performance of enterprises in the field of mining (8%) and equipment repair (9%) is worse.

More details – in the material “Kommersant” “Domestic product on imported machines”.

Erdni Kagaltynov