The Ural Chamber of Commerce & Industry reports the information agency Interfax-Ural recently called a news conference concerning a mechanical engineering import substitution
Leaders at the news conference discussed the difficulties of the import substitution program and how it affects the economy. Andrey Misura, minister of Industry and Science of the Sverdlovsk Region, said the area’s businesses have a long history of import substitution programs.
The program has two stages of implementation: growing independence from foreign industries and developing novel products.
Creating novel products is an ambitious goal that requires more resources to be dedicated to research and development and that can take two to three years. The state has offered assistance to the businesses, as the program will improve the economy in the long run.
Local leaders continue to address ways that the regional economy can achieve the goals outlined in the import substitution program.