Russia to step up financial support for industrial exports

The Russian Economic Development and Trade Ministry submitted a concept of financial support for Russian industrial exports to the Cabinet on Wednesday. The Cabinet will discuss the document at a meeting in July, said the Ministry.

Experts say the new concept shall help change the structure of Russian exports. As of today, Russian exports amount to an annual of over $100 billion. Natural resources account for 57%, while end products for 43% of the exports.

In preliminary estimates, industrial exports will total up to $100 billion by 2010. The current amount of raw material exports has to be retained or even boosted.

Russia's Vneshekonombank bank, which deals with foreign exporting agencies, had contributed to the concept.

The bank already has some experience in exports support. Early this year, Vneshekonombank signed an agreement with France on loans for supplies to and joint projects in third countries. This agreement has already yielded results -Russia's exports to France over the last four months of 2002 made up $647 million, whereas over the first four months of 2003 the figure reached $1,064,000,000.