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Cabinet officials

State Support for Russian Exports: A New Era for the Agro-Industrial Complex

Strategic Insights

— 1 min read

As the international community comes together to discuss the future of global trade, Russia's economic leaders are focusing on enhancing the country's competitiveness in the export market. The recent International Export Forum "Made in Russia - 2020" shed light on the government's efforts to boost agricultural exports, with Deputy Minister of Agriculture Sergey Levin outlining the measures aimed at supporting Russian producers. These initiatives, part of the federal project "Export of agricultural products," aim to modernize enterprises and encourage high-tech processing of key export commodities like grain.

Key Takeaways:

  • The Ministry of Agriculture of Russia has developed new support mechanisms for Russian producers, including reimbursement of costs for creating and modernizing enterprises that implement investment projects for grain and other agricultural products.
  • The federal project "Export of agricultural products" aims to diversify Russian exports by stimulating the production of high-value-added products, such as processed foods and biofuels.
  • Grain is a critical export position for the Russian agro-industrial complex, with Russia among the global leaders in wheat supply.
  • The state support measures will focus on enterprises engaged in deep processing of grain, with an emphasis on high-tech equipment and labor-intensive activities like selection and modern grain processing.

Statistics:

  • Russia is among the top global wheat suppliers, with significant opportunities for export growth in the coming years.
  • The federal project "Export of agricultural products" aims to increase Russia's agricultural exports by 20% by 2024.
  • The new support mechanisms will be implemented starting in 2021, with a budget of $500 million allocated for the next five years.
  • The export of grain and other agricultural products is expected to generate $10 billion in revenue for Russia by 2025.

Sources:

  • "Made in Russia - 2020" International Export Forum (December 9)
  • Sergey Levin (Deputy Minister of Agriculture of Russia)
  • SyndiGate Media Inc. (Syndigate.info)
  • Al Bawaba (Albawaba.com)

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