If restrictive measures against Turkey include textiles, it will be necessary to support domestic producers and not to infringe upon the domestic consumer, said Minister of industry and trade of the Russian Federation Denis Manturov.
MOSCOW, 29 Dec. Russian light industry has great potential to eventually replace the Turkish products, said Minister of industry and trade of Russia Denis Manturov.
“Russia’s light industry has a serious potential that you need to consistently discover. This will enable enterprises to significantly lower the dependency in the first place, from raw materials, such as high-quality fabrics, but you need to understand that this process will take time,” said Manturov in an interview.
“With regard to the capabilities of our enterprises (light industry – ed.) from the perspective of a complete replacement of Turkish products — unfortunately, the list of items is still small. But our light industry has serious potential and in the future it is able to substitute the products we buy today from Turkey. For us it is important to support domestic producers and not to infringe upon the domestic consumer. That is, we will be able to impose restrictions on certain positions of Turkey, on certain raw materials, confident that can buy it elsewhere or make it yourself – but it will not happen tomorrow,” he said.
According to him, additional support for light industry enterprises in this case will be expressed in additional demand from the domestic market.
“As support tools in several of them. First, the idea of subsidies to cash shortages in the amount of up to 70% of the key rate of the Central Bank under credits for replenishment of circulating assets. Secondly, compensation of the expenses on the loans on the formation of interseasonal stocks and technical re-equipment. Third, our initiative has developed a special program of financing of investment projects of light industry from the industry development Fund, allowing up to 80% of provided loan to use for purchasing equipment. Loans involve preferential terms at 5% per annum”, — said Manturov.
The Ministry of industry and trade continues to work out measures to limit imports of Turkish light industry in Russia, but no decisions on this were taken and in the coming days will not be accepted, said earlier Tuesday the head of Ministry of industry and trade in an interview with TV channel “Russia 24”.