Russia to boost industrial spending for domestic car part production – RBC – Financial Post
Russia will spend 30 billion roubles ($526 million) this year to boost domestic production of car parts and replace imports, Deputy Prime Minister Yury Borisov told RBC TV on Monday.
His comments to RBC were reported by Interfax.
Russia’s top carmaker Avtovaz resumed production of its best-selling Lada Granta model on June 8, after partially halting production in March due to a shortage of electronic parts because of Western sanctions on Moscow.
Shunned by many suppliers since sending tens of thousands of troops into Ukraine on Feb. 24, Russia is making efforts to step up domestic production in various sectors, with the automobile industry in particularly pressing need of a boost.
Borisov said the money would be added to Russia’s Industrial Development Fund, which he said held 71 billion roubles at the beginning of the year.
“We will divert 30 billion roubles to car component developers through the fund this year,” Borisov said.
($1 = 57.0000 roubles) (Reporting by Reuters; Editing by Edmund Blair)