Translation. Region: Russian Federal
Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.
First Deputy Prime Minister of Russia Denis Manturov took part in the panel session of the St. Petersburg International Economic Forum “Scenarios of Technological Repatriation: the Role and Place of Foreign Companies in the Russian Market.”
In 2022, a number of foreign companies from unfriendly countries unilaterally terminated cooperation with Russian partners, demonstrating their unreliability as business counterparties. At the same time, as Denis Manturov noted, many of them made investments before their departure and left the enterprises in an intermediate stage of localization.
“Not all foreign investors have made so-called smart investments by investing in the creation of R
In particular, this affected the packaging segment. The largest manufacturer left the Russian market, which caused interruptions in the supply of thick cardboard and special paints. As Denis Manturov emphasized, the industry managed to ensure import substitution of these products, meeting all consumer demands and simultaneously allowing a number of companies from other industries to gain new competencies.
“Today we can say that our management is able to cope with the most difficult challenges and tasks in terms of import substitution. Therefore, in the future, of course, we must be guided by at least several principles of doing business with foreign investors. At the same time, we are definitely not refusing foreign investments. But, as I have already said, it is necessary for these investments to be smart. So that these are investments not just in the creation of capacities, but first of all in the creation of new technological competencies in those areas that still require additional development and investments,” Denis Manturov emphasized.
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