Russia to Substitute Imported Products in Many Spheres
The import substitution program will allow domestic producers to overcome the difficulties arising from the Russian ruble’s weakening in December. This was stated by JSC Sozvezdie Concern Director General Azret Bekkiev.
“Of course, loans have become more expensive with an increase in the key rate of the Central Bank of the Russian Federation. I believe that today’s rates (25%) are an obstruction for the industry. We can not speak about any investment activity with such rates,” Mr. Bekkiev commented on the issue.
The change of the Russian ruble’s rate against foreign currencies will affect the operation of JSC Sozvezdie Concern, as well as other organizations. First of all, it will affect the price of imported components.
“The share of imported equipment in the volume of our products is significant. Depending on its share in specific products, the prices of finished products may rise by 10-15%. However, this situation will change with the introduction of the import substitution program,” Mr. Bekkiev concluded.