Actual Problems of Investments in Russia
In 2014–2015 years. As a result of the collapse in oil prices, the inflow of petrodollars into the economy declined, and with the introduction of anti-Russian sanctions, access to cheap Western credits was blocked. So the economic policy, which relied on the export of crude oil and other raw materials, once again demonstrated its complete failure.
The Russian economy, with its raw material orientation, not only depends on world energy prices, but also on imports of goods and technologies. According to the data of the Ministry of Industry and Trade, the share of imports in heavy engineering today exceeds 60–80%, in light industry 70–90%, in machine building 90%, in the electronics industry 80–90%, in the pharmaceutical and medical industry 70–80% . From this it follows that own production in such important sectors as heavy engineering, machine tool construction, radio electronic industry is only 20–30% of the demand. In this situation, Russia, without developing its own economy, imports metal-cutting machines, forge-and-press equipment, cars, road machinery, computers, telephones, food, clothing, footwear, medical devices, medicines and much more. Hundreds of billions of dollars are spent annually on the acquisition of goods and technology abroad. Russia’s import dependence on the dollar equivalent has increased almost 10-fold over the past 15 years: from 45 billion in 2000 to 341 billion dollars by 2013 . As a consequence, Russia’s strongest economic dependence on other countries is taking place. It is not hard to imagine the consequences, for example, the introduction of sanctions for the supply of vital medicines to our country, if their own production is less than a fifth of the demand. The share of imports today exceeds the permissible limits for ensuring national and economic security of the country.
The reason for the high dependence on imports of many sectors of the Russian economy was the incorrect economic policy pursued in the post-Soviet period. Suffice it to say that the economic policy of those years, the mistakes in the state regulation of the economy, was the fall in the volume of industrial production to the level of 1991, and for some industries and types of industrial products, the fall turned out to be multiple.
The problem of technological backwardness of Russia was formed not in the period of Western sanctions, but during the last quarter of a century. And if at the beginning of market reforms the Russian economy still had the production and technical capacities that had been delivered from the USSR, then after two and a half decades the production potential of the Russian economy significantly decreased, which had a negative impact on the production of domestic goods and technologies.
To increase the production of domestic goods, it is necessary to build new factories and plants with innovative equipment, and this requires multibillion-dollar investments in the Russian economy.
Unfortunately, the influx of Western investment in the Russian Federation in connection with the introduction of sanctions fell sharply. And for the domestic investment has not created a favorable investment climate. These and other problems of investment in the Russian economy are discussed in this article.
KeywordsWestern sanctions Technological backwardness Import substitution Investment climate
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