ANNOUNCED AS TEMPORARYNo
Interest payment subsidy
Russia's Ministry of Industry and Trade introduced a Strategy of developing heavy engineering industry up to 2020.
During 2009 the input of the heavy engineering industry in Russia's GDP built up only 1.2 percent. However, the users of the industry's products (oil and gas industry, metallurgy and mining) provide over 80 percent of the Russian budget. Those sectors together make up 81 percent of the Russian exports.
The main objective of the Strategy is to preserve and develop the Russian heavy engineering industry which is a key support for the Russian main exporters.
In order to achieve this goal, the Government aims to increase the competitiveness of the industry through:
·anti-crisis government support measures
·temporal import tariffs to protect domestic market during the period of the technical re-equipment of the industry
·research activities for the industry
Thus, the plan of the activities for 2011 to support the industry includes government subsidies to the companies in the industries through reimbursement of the part of the interest rate taken in the Russian banks for the industry development.
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