Industrial production in Nizhny Novgorod region to double by 2020

The volume of industrial production in the Nizhny Novgorod region should be doubled by 2020, Governor of the Nizhny Novgorod region Valery Shantsev said at a meeting devoted to the results of the regional industry in 2014 and tasks for 2015. 

"Today, in these challenging circumstances, we must maintain the trend of the growth of industrial production in the region, - Governor Valery Shantsev said. - According to the development strategy of the Nizhny Novgorod region, the growth of industrial production in the region should double by 2020, despite the fact that the volume of our industrial production has tripled since 2005." 

Among the regions of the Volga Federal District, the Nizhny Novgorod region is ranked second after Tatarstan in terms of products shipped. As for production output, the Nizhny Novgorod has left Tatarstan behind with 101.5 percent vs. Tatarstan's 100.9 percent. In 2015, it is planned to increase the volume of products shipped by 2.5 percent - up to 1 trillion 77 billion rubles.

"A lot remains to be done in terms of import substitution. Today, some businesses experience difficulties in the procurement of raw materials, as other economic entities increased their exports. Therefore, we will correct the situation manually. Businesses were tasked not to bare the inner market and, above all, to work for the needs of local production, - said Shantsev. - Industry is the basic sector of our economy. The region has established a good foundation to ensure steady development of industrial production. The regional government, in turn, will work with the federal government and the Central Bank to lower the key rate and make financial resources available for enterprises," the Governor of the Nizhny Novgorod region said. 


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