Sanctions as Catalyst: YIEF Experts in Ufa Outlined New Growth Points for Industry

The economy of a region is a complex array of industries, with a special emphasis on manufacturing as it is viewed as the main type of material production. This topic was elaborated by the participants of the VI Yalta International Economic Forum held today in Ufa. The panel session titled New Growth Points of Industry outlined new focus areas in the industrial sector.

"Recently, we started elaborating the idea of becoming a manufacturer instead of looking for a supplier", said Anushavan Aghajanyan, the Minister of Industrial Policy of the Republic of Crimea in his speech. "In the recent sanctions, which intensified a couple of years ago, we saw the opportunity to determine new growth points. We have summed up our competencies, industrial infrastructure, human resources, climatic and geographical conditions, environmental wealth and analysed all these assets in order to determine the industrial minimum of our region, our needs and areas we should focus on.

In the Republic of Crimea, we view construction as the driving industry in the region. Last year, more than one million square meters of housing, apartments, hotels were put into operation, and the government saw its chief mission in creating a strong construction industry in the region. In terms of the gross regional product of the Republic of Crimea, construction takes up 14.9% of it and accounts for at least 1/3 of the total budget of the republic.

Another tool for supporting industrial enterprises and establishing new guidelines implies soft loans. This is what the Crimean Regional Industrial Development Fund specializes in.

Traditions and history of the Republic of Bashkortostan has always been associated with a rapid industrial development and identify it as a concentration of production facilities in both the Volga-Ural region and Russia in general. or the fourth year in a row, Bashkortostan is among the top 3 leaders of the rating of the Ministry of Industry and Trade of Russia in terms of effectiveness of the industrial policy. The republic finished first in the rating in 2020, 2021 and 2023.

The main driver of industrial development within the republic's economy is woodworking production which accounts for 72%. For the last five years, the index of industrial production exceeded 21%, in processing manufacturing industries - 27%. State support (subsidies, soft loans and grants) are viewed as one of the efficient and desired tools to boost production. Over the last 5 years, more than 12 billion RUB have been allocated to the republic's budget as a support measure", said Rustam Nabiullin, Deputy Minister of Industry, Energy and Innovations of the Republic of Bashkortostan.

The Republic of Bashkortostan is among the top 10 regions in terms of shipped industrial production and is one of the leaders in Russia in terms of the output of certain types of products.

The New Growth Points of Industry session also defined the promising strategies for boosting the performance the Donetsk People's Republic, diversifying the defense-industrial complex of the Samara Region and granting soft loans as an effective tool for supporting industrial enterprises.

FYI:
The Yalta International Economic Forum is an international business event in the field of economy. It's been held since 2015 in Crimea. The YIEF is the fourth biggest economic forum in Russia. The first forum was held nine years ago and attended by over 600 people from 13 countries such as Russia, Italy, Slovenia, Türkiye, Hong Kong, Japan, the Czech Republic, Switzerland, Greece, Kazakhstan, Israel, India and Serbia. In the later years the event was thriving facing the relevant challenges. The YIEF 2019 was participated by over 4,500 people from around 100 countries. The event yielded in over 102 agreements totally worth 215 billion rubles and establishing 1700 jobs.

This year, the Yalta International Economic Forum will find its venue in the capital city of the Republic of Bashkortostan. Ufa plays a significant economic role in Russia thanks to its favorable layout, economic potential, cultural diversity and active engagement in local and international processes.

We have already received off-line participation applications from 35 countries. The total number of participating states exceeds 90. The online format is attended by representatives of 81 countries, including the states of Latin America and the Caribbean.

The Yalta International Economic Forum is held as part of the International Business Week 2024. The event is recognized by Maria Zakharova, Representative of the Ministry of Foreign Affairs of Russia, as the top-5 largest forum in Russia. This event strengthens the role of the region as a venue of business communication and cooperation. The Republic of Bashkortostan proves to be an expert ground for a meaningful dialog and cooperation, strengthening its position on the map of international business activity.

Please, feel encouraged to learn more about the business and entertainment programs of the VI Yalta International Economic Forum at the official web-page: https://yalta-forum.com