Producers of priority products will receive preferential loans from the government
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Prime Minister of the Russian Federation Mikhail Mishustin announced the government’s plans to provide soft loans to organize the production of the most popular products. He stated this, speaking at the international export forum “Made in Russia”
“Now work on strengthening the potential of our industry continues. On behalf of the head of state, the conditions for launching the mechanism of industrial clusters in a new format are being developed. Thus, it is planned to provide preferential loans for the implementation of projects aimed at the production of priority, most demanded products,” said Mr. Mishustin (quoted by TASS).
The head of the Cabinet stressed that in the face of sanctions pressure, it is necessary to comprehensively support the areas of the economy that affect the country’s export opportunities. According to him, first of all, domestic production and the service sector need to be strengthened. Mr. Mishustin recalled that the government had prepared a plan of priority actions to support the economy in the face of sanctions.
As shown by the September survey of the Russian Union of Industrialists and Entrepreneurs (RSPP), the issuance of preferential loans is the most effective measure to support industrialists for 65% of respondents. The most useful measures to support industries also included preferences for participation in public procurement, a reduction in the fiscal burden in terms of income tax, as well as a reduction in insurance premiums.
For more information on how the state is going to help domestic industries, see the Review article. “Course on the industry”.
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