The Sverdlovsk Regional Entrepreneurship Support Fund recently announced it subsidized equipment costs amounting to approximately $7 million in late 2014.
In 2014, the fund assisted 122 manufacturing companies. Several agricultural and industrial businesses also received a total of $15 million in grants from the fund. These businesses plan to create an additional 1,500 jobs in 2015, with an estimated $87 million revenue increase.
These subsidies were made in accordance to the priorities outlined by the government of the Sverdlovsk region. The government identified supporting production companies as one of the priorities for the region’s economy. Such food equipment is considered essential to the import substitution program.
One of the assisted manufacturing companies was Signal-Pak, a factory that produces flexible packaging equipment most commonly used in the food industry for pasta, confectionary, dairy and other products. Signal-Pak also supplies equipment required to package cheese.
“The equipment that we produce is supplied not only to the entire territory of the Russian Federation, but also in the CIS countries, European Union, Canada (and) the United States,” Signal-Pak CEO Sergei Manihino said. “Receipt of public assistance will allow us to make further modernization of plants and equipments that will improve the quality of products and provide an opportunity to expand into new foreign markets.”