ANNOUNCED AS TEMPORARYNo
The Russian Industry and Trade Ministry has approved a light industry development strategy for the period until 2020. The strategy calls for a switch to a new technological platform based on the development of low-waste and non-waste technological processes.
The government expects that this development strategy will triple light industry production in Russia to 550.3 billion rubles in value by 2020 from 174.8 billion rubles in 2008, while exports are expected to quadruple to 100.5 billion rubles from 25.3 billion rubles. The share of domestic products on the Russian market is projected by the government to rise to 50.5% in 2020 from 20.1% in 2008. The share of innovative products is projected to rise to 46% of the country's total light industry output from 9% in 2008.
Spending on the strategy implementation according to the innovative scenario is projected to amount to a total of 152.66 billion rubles (5 billion US dollars) before 2020, including 11.3 billion rubles (400 million US dollars) of federal government funds.
Implementation of the strategy will allow an increase in the competitiveness of Russian companies, increase the share of innovative products, and strengthen market positions on both domestic and foreign markets.
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