World meat industry news

All news / Non-Energy Exports from Russia Set to Reach $160bn in 2019

  • 13 May 2019, 09:44

The Russian government expects that the country’s non-energy exports will reach $160 billion in 2019, Finance Minister Anton Siluanov said at the meeting of the Presidential Council for Strategic Development and National Projects on Wednesday, according to Vesti Finance.

“Non-energy exports are expected to increase by up to $9 billion this year compared with last year, whereas the total amount will equal $160 billion,” he said.

According to the minister, a program to support producers that implement corporate competitive enhancement programs has been launched as part of the National Project ‘International cooperation and export’. “The program opens access to concessional financing of export projects. Commercial rates for banks participating in that program are reduced by 4.5 percentage points, with over 1,500 potential participants of the program attracted,” he noted.

Moreover, a law on VAT refund for services exports similar to exports of goods has been adopted as part of the National Project. “That will reduce the burden for companies exporting services, including transport companies and IT firms,” Siluanov stressed.

In compliance with President Vladimir Putin’s May Decree from last year, National Projects in 12 areas have been worked out (demography, culture, healthcare, education, housing and urban environment, ecology, roads, labor efficiency and employment maintenance, science, digital economy, small and medium-sized business, international cooperation and export). The implementation of National Projects expected by 2024 is estimated to cost around 25.7 trillion rubles ($391.6 billion).

Siluanov noted that the list of Russia’s national targets in the economy contains becoming one of the world’s top five economies, reaching economic growth rates above the global average and creating a high-productive export-oriented sector.