While delivering his speech at the forum, Vladimir Putin said that the import substitution programs were aimed at better and more efficient usage of internal resources for meeting the challenges of development after the new sanctions against Russia had been imposed, Joinfo.ua reports with reference to the Russian media.
According to Putin, in response to the limitations of the West, Russia will not close the market, but extend the freedom of business.
“The gist of the import substitution program is not to close our market and dissociate ourselves from the world economy, we must learn to produce high-quality competitive products, which will be in demand not only in Russia but also in the world of global markets. And finally, the goal is full and effective use of our internal capabilities to meet the challenges of development.
We respond to external constraints by not closed economy, we respond by expansion of freedom and openness of Russia. And it’s not just a slogan, it is the content of our actual policy, the work that we are currently doing to create conditions for business, to find new partners and open new markets, to participate in the implementation of major integration projects,” Putin said at a plenary session of the St. Petersburg International Economic Forum.