Government will support high-tech industries and investments, Russian president says
Moscow will continue to promote the development of modern high-tech enterprises and create comfortable conditions for investors to work in the country, Russian President Vladimir Putin said on Wednesday.
The statement was made during the launch of the Titan-Polymer plant in Pskov, which is expected to strengthen Russia’s industrial sovereignty and contribute to import substitution of polymer products used in the pharmaceutical industry and food packaging, among others. .
Putin, who was attending the event via video link, spoke of his intention to form an industrial group of companies in the Pskov region that will use Titan-Polymer products as raw materials. This will help create new jobs and strengthen the region’s economy and social sphere, he said.
“Hopefully next year we’ll have…even more launches from these high-tech industries. [in Russia]”, said the president.
Russian companies report improving business climate
A recent study by McKinsey’s former Russian division, consulting firm Yakov & Partners, shows that the business climate in Russia has improved despite a series of sweeping Western sanctions. Half of Russia’s largest companies reported improving business conditions in the country and three-quarters expect the situation to continue to improve in 2023. This could indicate a pick-up in sentiment in the Russian economy, according to the authors of the study.
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