Strategic priorities of support of import substitution in industry

A. A. Spiridonov (), M. L. Fadeeva () and T. O. Tolstykh ()

Russian Journal of Industrial Economics, 2023, vol. 16, issue 2

Abstract: Introduction of sanctions restrictions by western countries stressed the need for developing the national industrial complex and creating the country’s own technological solutions. Over the past few years within the framework of the interaction of the state, industry and science various technological solutions have been created to be successfully implemented in production (an aircraft engine, a gas turbine power plant, mobile offshore seismic exploration complexes, a deep-sea drilling rig, a dispersant for oil spill response, pressure sensors for the Prirazlomnaya platform, etc.). The results achieved demonstrate the ability of the Russian industrial complex to create effective and safe equipment. However, in spite of the technologies created, the Russian economics has not achieved the target state of import independence. The analysis of the structure of the product import shows the dependence of the Russian economics on the import of foreign cars and equipment, chemical products and food raw materials. To achieve import independence it is essential to continue system work aimed at providing government support of domestic companies. The authors formulate the government support measures aimed at achieving technological independence: reduction of the key rate of the Central Bank of the Russian Federation, development of transport infrastructure, creation of industrial clusters and subsidizing the costs on the implementation of digital tools. Realization of the measures suggested together with the existing tools will make it possible to ensure harmonic development of the national industry and gain the national technological sovereignty.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:ach:journl:y:2023:id:1185

DOI: 10.17073/2072-1633-2023-2-166-175

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