Russian government to increase support for textile and light industry

The Russian government is to increase support for the domestic textile and light industry this year, according to Minister of Industry and Trade Denis Manturov. He said this will help to increase the share of domestic producers to up to 50% of the local market.

As part of the plans, the government aims to provide RUB1.14bn (US$36.9m) for the development of the textile and light industry in 2013, which will be significantly higher than the RUB600m (US$19.4m) announced earlier.

It is planned that most of funds will be invested in subsidising interest rates on loans, of which RUB640m (US$20.7m) will be provided for the purchase of raw materials and RUB225m (US$7.3m) to pay off loans for the purchase of equipment.

For the full story, see the January 2013 edition of Textiles Eastern Europe. Not a subscriber? Subscribe HERE