Government has evaluated the car components import substitution programme at 200 billion rubles

September 3, 2020

The Russian Ministry of Industry and Commerce has evaluated the import substitution programme for Russian car components industry.

The programme will have a volume of approximately 200 billion rubles for the entire period between 2018-2027, 70% of which will be directed from various sources until 2024, as told by the Minister Denis Manturov to journalists.

“Within the framework of the programme we laid out a few years ago, the total volume of import substitution for auto components will reach approximately 200 billion rubles. The programme will be financed from many sources, including the enterprises themselves, raised funds and budget co-financing, which will be provided by us both directly and at the expense of repayable funds and the Industrial Development Fund. The significant volume will also have an effect on progressive import substitution” – as told by the minister.

According to Manturov, the import substitution for car components programme has been implemented since 2018 and part of the aforementioned volume has already been obtained from the budgets and raised by the enterprises. “The calculations for the programme have been made until 2027. 70% of the funds will be gathered from various sources until 2024 and the rest will have been completed by 2027” – Manturov explained.