Sverdlovsk Region enterprises lack funds for import replacement, minister says

April 28, 2014. Sverdlovsk Region-based enterprises are faced with the shortage of funds necessary to work on import replacement, Sverdlovsk Region Industry Minister Andrei Misyura said at a press conference in Yekaterinburg.

‘For import replacement to become a reality, quite a lot of money needs to be invested in R&D and production expansion. Not every enterprise can afford this, as quite a few businesses’ profitability still remains considerably below the Central Bank’s refinancing rate,’ he said.

According to the Minister, there are, nevertheless, 126 large-scale import replacement programs currently implemented in Sverdlovsk Region.

‘For one, Uralmash NGO Holding intents to expand its drilling equipment production, NPO Avtomatiki is focused on tool engineering, and Ural Diesel Motor Plant is planning to start making new-generation diesels. I could cite quite a few other examples, too,’ Misyura said.

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