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EEF 2022 to Discuss Future of Russian Industries

18 August 2022
На ВЭФ-2022 обсудят будущее отраслей российской экономики

Given the fundamental transformation of the geopolitical and economic landscape, the Russian economy is facing a task unprecedented in its complexity and scale — to create a fundamentally new economic development model for the country aimed at achieving its technological sovereignty, reducing dependence on imports of critical foreign products, restoring and reformatting value chains in key sectors of the national economy. One of the sessions of the ‘The Global Division of Labour: From Old Connections to New’ track of the 7th Eastern Economic Forum (5–8 September, Vladivostok) will determine where Russia is ahead and where it is behind, and why.

The panellists will answer the questions of whether the key industries that form society’s life support system (military-industrial complex, agro-industrial complex, fuel and energy complex, transport, communications, and healthcare) can fully transition to import-independence policy. They will also address the ways to build an effective business incentive system for large-scale import substitution and the ways to achieve integration between fundamental science and the real economy. Special attention will be paid to what a management system of industries’ technological development should be like. To what extent can the experience of the USSR and other countries be applied here? Speakers will also discuss attracting private investment in the development of remote regions of Russia, such as the Arctic, Siberia, and the Far East. Ivan Lobanov, Rector of the Plekhanov Russian University of Economics, will moderate the session.

«Today, the most dependent industries on imports of foreign raw materials and components include machine building, electronics, and pharmaceuticals. To follow the path of catch-up development and linearly replace the links of production chains seems inefficient; a fundamentally different approach is needed: not just to replace, but to offer new technological solutions as a result of integration of science and the real economy. We need to create ‘technological lifts’ — similar to ‘social lifts’ — allowing to move forward several technological niches at once,» says Ivan Lobanov.

Russia has significant resource, technical and scientific potential, which has made it a leader in such sectors as energy, metallurgy, chemicals, forestry, and agriculture. At the same time, such priority sectors of the national economy as aircraft building, automotive, shipbuilding, electronics, and pharmaceuticals require accelerated technological development. Their rapid development has been hindered by insufficient interconnectivity and complementarity of domestic industries and low integration into global production chains.

At present, Russia has all the necessary prerequisites in place for the transition to a new bottom-up phase. Obviously, it is not possible to achieve this goal from the state budget alone; the Russian business community must be actively involved in this process. Overcoming imbalances in the development of remote territories — Siberia, the Arctic, and the Far East — and creating new ‘enclaves’ of integrated economic development are essential to achieving sustainable economic growth.

For EEF 2022 updates and news, go to the official Forum social network pages


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