The strategy will increase growth in the non-raw materials sector of the economy.
The Strategy for the Development of the Manufacturing Sector
up to 2024 and until 2035 approved by Prime Minister Mikhail Mishustin includes
expediting Russia’s technological progress, introducing digital technologies in
manufacturing, and raising the competitiveness of exported products.
The following indicators are to be achieved by 2024: a 50 percent increase in the number of innovative companies, increased spending on digitalisation to 5.1 percent of the created gross added value, annual labour productivity growth at medium and large enterprises of at least 5 percent; industrial exports reaching $205 billion a year including $60 billion in engineering products.
The strategy gives detailed consideration to priority trends in manufacturing sector development including aircraft building, shipbuilding, electronic, medical, automotive, transport and agriculture engineering, chemical and the petrochemical complex.
“It is vital to establish a competitive manufacturing sector in our economy with high export potential that will enable us to deliver on the national development goals. This challenge is to be met by developing technological innovation, digital technology and human resources, by stimulating investment activity and demand for domestic products as well as by increasing exports,” Minister of Industry and Trade Denis Manturov said.
Following the implementation of the strategy, the manufacturing sector’s production index must stand at 116 percent by 2024 and 192 percent in 2035 compared to the base year, 2019. This, in turn, will ensure advanced growth in the Russian economy and will help increase worker income and lower the poverty level.