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Food import substitution turns out to be extremely profitable

13 Feb 2017

• 13 Feb 11:17

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Russia has saved $4 billion since it began substituting imported products in response to the imposition of food embargoes by the U.S. and EU, the Agriculture Ministry says. But is this enough to encourage the future growth of production? A worker harvests apples at Sady Predgorya farm , Novodmitrievskaya, Krasnodar Territory. Source: Vitaliy Timkiv/RIA Novosti "Domestic products have saved Russia almost $4 billion dollars. This is what we call import substitution, that is, Russian cheeses, sausages and other products that substitute for products that earlier were imported," said Russian Deputy Agriculture Minister Evgeny Gromyko at the opening. Read more...