Russian Ministry Proposes to Draw up List of Investment Programs
OREANDA-NEWS. January 12, 2009. The Russian Industry and Trade Ministry proposes drawing up a list of priority investment programs, increasing the state’s scope in funding federal special-purpose programs and applying 100% subsidies to loans provided to processing businesses. Deputy Industry and Trade Minister Denis Manturov disclosed the relevant proposals. “Apart from the Cabinet-approved list of backbone companies, it is feasible to make a list of investment projects that are strategically important to keep the Russian economy competitive in the long-term outlook” – according to a report posted on the ministry’s website. When compiling the list of priority investment projects the focus should not be on “specific brands or businesses”, but projects, whose execution will result in the highest inter-industry multiplicative effect, the ministry thinks. “For instance, the incorporation of new metal facilities to turn out sheet products, wheels, rail and structural steel products is the most significant development factor for a variety of machine engineering, shipbuilding industries and for the expansion of various infrastructures ranging from highways to pipelines, and for the implementation of such projects as ESPO, North Stream and others” – the deputy minister noted.