Russia: Car industry to get $2 billion in state support during 2016 – Putin



Russian President Vladimir Putin, speaking during the Russian Mechanical Engineers Conference in Moscow, Tuesday, said that the state will continue to support the car industry with an investment of “about 137.7 billion roubles (€1.84 billion/$2.09 billion)” during 2016.

SOT, Vladimir Putin, Russian President (Russian): “About 137.7 billion roubles will be assigned to support the car industry in 2016, including an additional 49 billion roubles. Another 10 billion will be assigned for transport engineering and the agricultural machinery industries. Along with this we plan to solve the issue of long-term development; we the regard car industry as one of the drivers of domestic economy. This is a branch with huge export potential.”

SOT, Vladimir Putin, Russian President (Russian): “We focus on those who intend to succeed, to improve efficiency, to invest into technological innovation, to produce competitive products and conquer global markets. The enterprises which are ready to solve such problems will be granted comprehensive assistance. As you know, the support mechanisms have been created. A number of projects which involve the use of Industrial Development Fund tools have been launched in the field of engineering industry. We often criticise the government and the Ministry of Industry, but this tool is effective. I will remind you that there was a decision to increase capital of the fund by another 20 billion roubles.”

SOT, President Vladimir Putin (Russian): “We made a significant step in the developing of strong technical universities. We see the annual increase of entry to them. Do you remember, few years ago, we were complaining that there are no people eager to study there, that there is no competition for engineering professions. The situation is changing, and it is changing dramatically.”

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