We need to stick to import substitution policy in real sector of economy – Rayudin Yussufov

Makhachkala, January 14, 2015. "Given the current socio-political and economic situation in the country, we need to stick to import substitution policy in the real sector of economy,"- the deputy Dagestan prime minister and minister of economy and regional development Rayudin Yussufov stated at the latest governmental meeting.

He said that the government will take measures to establish new modern productions through modernizing the existing enterprises and creating small and medium-sized enterprises targeted at a strong domestic demand, especially in agriculture.

Yussufov added the planned import substitution program implies new production lines at the Dagdizel plant, the KEMZ concern, the Aviaagregat plant, the Gadjiyev plant, the Caspian Precision Mechanics factory, and the Buinaksk aggregate plant.

They also have in mind to develop a state program for innovative industrial development in order to introduce new technology of producing competitive goods. In this regard, they place small and medium-sized businesses as a highest priority.

The deputy prime minister said no sustainable economic growth was possible without increased investment. A sine qua non for attracting investments to the republic is creating investment sites and industrial parks. To establish rules of introducing and controlling industrial parks, they elaborated the Law on industrial parks and set up the first industrial park on the premises of Dagestan Crystal City Industrial Park in Kaspiysk.