Economist: made in Russia can become a global brand

Economist: made in Russia can become a global brand

In connection with the fall of the ruble Russian companies got the advantage in the world market. A leading world Bank economist Birgit Hansl does not preclude that the brand “made in Russia” can gain popularity.

MOSCOW, 3 Nov –. Low ruble exchange rate opens new opportunities for the Russian economy, wrote lead economist for Russia Birgit Hansl in the blog on the website of the analytical center of the Brookings Institution.

“For the first time in decades, “made in Russia” may have the chance to again become a global brand. Some industries received a price advantage due to a weak rouble, and exports started to grow, which in turn attracted investment in several sectors,” said Hansl.

In particular, she pointed out, the Russian enterprises of mining, chemical and machine-building sectors boosted exports to countries outside the CIS. The total volume of Russian exports in the first half of 2015 increased by 1.7%.

However, the positive impact of the ruble on Russian exports was uneven. Some manufacturers require additional investment to increase the competitiveness in the global market, said Hansl, noting that certain sectors are already experiencing an inflow of investment. So, in the first half of 2015 the growth of investment in the chemical industry rose by 23.1%, and in manufacture of electrical equipment – 30.7 per cent compared to the previous year.

According to the economist, with investment of Russian enterprises non-energy sector can increase exports in the medium term. Much will depend on the investment climate and structural reforms, and Russia is working on these issues. The world Bank noted the efforts of Russia in this direction, increasing its position in the Doing Business ranking, said Hansl.