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State of light industry in Russia

Состояние лёгкой промышленности РФ

Deputy Minister of Industry and Trade, Viktor Evtukhov described the state of Russian light industry in an interview for “Russia 24” channel.

Light industry occupies 0.9% of Russia’s GDP and in industrial production – 2.4%. At the same time the annual loss of industry from imports estimated at 1.1% of GDP of the Russian Federation. However, industry carries even greater loss from the “gray” imports. In April 2016 the industry began to apply special RFID-labels for labeling products to resolve this issue.

Now there are three main objectives to the enterprises of light industry – the modernization of production, expanding the line of manufactured goods and the creation of new high-tech materials based on synthetic. This last point is also important so that by 2025 more than 60% of light industry products based on such materials will come from related industries – aviation, construction, automotive industry, medicine, etc.

Also, the companies of light industry and other sectors have acute problem of access to finance and resources. Industrial Development Fund (IDF) has to help to solve this problem. It should be noted that light industry is the leader among all manufacturing industries in attraction investment from IDF.

Source: Ministry of Industry and Trade