Speaking on the sidelines of the SPIEF meeting on June 18, State Secretary of the Union State Sergei Glazyev, who will participate as a speaker at the St. Petersburg International Economic Forum in the session “Scenarios of Technological Repatriation: The Role and Place of Foreign Companies in the Russian Market,” noted that the scientific and technical potential of the Union State [Russia and Belarus] makes it possible to replace 80% of imported products, according to Soyuz.by.
According to Glazyev, the main problem is lack of cheap credit for businesses.
“Calculations by macroeconomists show that, compared to the potential for maximum output that we could have, we are losing approximately 80% due to the fact that there are no loans in the economy, the high interest rate, and the impossibility of taking out loans for this same ‘scaling up.’” Glazyev said that the remaining 20% of the problem is due to sanctions.
