Russia has no goal to close market, lack of competition to hurt development — minister

ST. PETERSBURG, June 5. /TASS/. Russia does not seek to close the market because the absence of competition will slow down the development of local producers, Industry and Trade Minister Anton Alikhanov said in an interview with TASS at the St. Petersburg International Economic Forum.

"Let me remind you that we do not have the goal to close the market so that our producers live in a lack of competition - this will certainly slow down their own development," he said.

At the same time, the minister noted the importance of creating conditions for the local production to be more profitable than direct imports: "This is a normal global practice. As we can see from the example of successfully restarted car factories, this approach has its effect."

Earlier, First Deputy Prime Minister Denis Manturov told TASS that the range of cars presented in Russia has been growing in recent years, including thanks to Chinese manufacturers, so there is no question of reducing competition on the Russian car market. He noted that Russian authorities are striving to maintain a balance that allows local manufacturers to develop in a competitive environment but without distortions that could jeopardize technological sovereignty.

The St. Petersburg International Economic Forum (SPIEF) is taking place from 3 to 6 June. The main theme is "Pragmatic Dialogue: the Path to a Stable Future." The forum's program is devoted to the formation of a new model of global development in the context of the transformation of the global economy. The forum is organized by the Roscongress Foundation. The general information partner is TASS.