Mishustin called it important to stimulate demand for Russian products.

It is necessary to continue stimulating demand for domestic products and actively support the creation of import-substituting industries. This statement was made on July 21 by Russian Prime Minister Mikhail Mishustin during a working meeting with Roman Petrucey, Director of the Industrial Development Fund.

"It is very important to continue, including stimulating demand for Russian products, and to actively support the creation of import—substituting industries in the country," the head of government stressed.

Mishustin also stated that the tasks of the FRP include providing assistance in the implementation of investment projects in high-value-added manufacturing industries, as well as modernizing enterprises and increasing the competitiveness of domestic products.

In turn, Petrutsa informed the head of the Cabinet of Ministers about the implementation of the policy of smart protectionism. According to him, the last supervisory board of the fund approved a list of products that are already produced in sufficient quantities in the country. If the borrower of the fund plans to purchase equipment from this list, the FRP prohibits the purchase of imported analogues.

"We stimulate demand for Russian industrial products by offering a reduced interest rate when the company buys Russian machine tools and Russian robots. We are reducing the rate by 2% points to a unique 1% on the loan if 50% of the loan amount is purchased with Russian equipment," Petrutsa explained.

The head of the fund added that this model allows creating incentives in related industries. To date, the borrowers of the FRP have transferred about 400 billion rubles to the budgets of various levels.

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