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Russia Shifts Economic Policy to ‘Ensuring Technological Sovereignty’

July 17, 2022 (EIRNS)—Denis Manturov, Russia’s Industry and Trade Minister who was also just made a Deputy Prime Minister, addressed a plenary session of the State Duma on July 15 to elaborate on changes in Russia’s economic policy.

“We see satisfying domestic needs as the top priority for our economy. But this does not mean that we will shut ourselves in and not increase our export potential. Quite the opposite. Especially, given the negotiations on mutual cooperation with new markets. I mean, first of all, with the countries of the Middle East, Southeast Asia, Africa and South America,”

Manturov declared.

“It is necessary to make a turn from a market-oriented industrial policy to a policy of ensuring technological sovereignty,” Manturov stated, adding that this notion is fully supported by the Russian government.

This shift is required because of the current sanctions economic warfare against the country. “Industry must ensure virtually autonomous functioning and development of all consumer sectors. We will accelerate the production of our own analogues to replace imported components,” Manturov said. He said that such import substitution would be prioritized for security-related sectors of the economy.

According to a report in RT, “the minister outlined five strategically important areas, where technological sovereignty is of the utmost importance. These are national security and defense, where the priority will be given to creating Russian-made high-tech weapons; the energy sector, which is in dire need of equipment made domestically, because Ukraine-related sanctions make it difficult for energy companies to obtain foreign-made parts and equipment; and the shipbuilding, aircraft and chemical industries.”

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