Russia's export of chemical products can double to $34-35 billion per year by 2024, Russian Deputy Minister of Industry and Trade Viktor Evtukhov said on Tuesday
MOSCOW (Pakistan Point News / Sputnik - 22nd January, 2019) Russia's export of chemical products can double to $34-35 billion per year by 2024, Russian Deputy Minister of Industry and Trade Viktor Evtukhov said on Tuesday."I can tell you that the chemical industry will contribute greatly to the implementation of the plan to boost export. We plan to double these figures: today, it's $17 billion, and we see a prospect to bring it to around $34-35 billion," Evtukhov said in an interview with the Rossiya 24 broadcaster.
The minister specified that while multi-tonne chemicals and mineral fertilizers production was developed well in Russia, it was necessary to launch the creation of new products and also to enhance medium and fine chemicals production in order to achieve the goals of import substitution and export potential boost.
"As for the plans concerning import substitution, we have defined the priority types of products, have learned which of them would be the most needed, which of them have the greatest prospects. We have determined six key technology directions, and we have designed around 130 projects, which will be implemented in 40 Russian constituent entities, with the total investment volume exceeding 400 billion rubles [$6 billion]," Evtukhov said.
He noted that Russia had to replace foreign imports of certain kinds of chemical yarns and fibers, polymer resin, coating materials, sealing compounds, and acids with domestic production.
"We also aim at boosting non-energy export. Here we have designed around 40 new projects amounting to a total of over 600 billion rubles [that will be implemented] by 2024," Evtukhov said.
Over 100 medium and big chemical enterprises are operating in Russia. The amount of investment in the Russian chemical industry made 511.2 billion rubles in 2018, which is almost a 17 percent increase year-on-year.
