Sun. Jul 14th, 2024

Domestic needs and technological sovereignty are the country’s primary concern, according to the Trade Ministry

Russia should focus its economic policy on prioritizing domestic needs, the country’s minister of industry and trade, Denis Manturov, said on Friday at a plenary session in the State Duma.

We see satisfying domestic needs as the top priority for our economy. But this does not mean that we will shut ourselves in and not increase our export potential. Quite the opposite. Especially, given the negotiations on mutual cooperation with new markets. I mean, first of all, with the countries of the Middle East, Southeast Asia, Africa and South America,” the official stated.

He noted that in order to achieve this goal, Russia should amend its industrial policy.

It is necessary to make a turn from a market-oriented industrial policy to a policy of ensuring technological sovereignty,” Manturov stated, adding that this notion is fully supported by the Russian government.

The official believes that imported machinery and equipment should be gradually replaced by Russian versions, noting that “industry must ensure virtually autonomous functioning and development of all consumer sectors.

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