Rustam Minnikhanov: Potential investors have a wide range of investment opportunities in Tatarstan

On February 13, Tatarstan President Rustam Minnikhanov took part in a joint summing-up meeting of the Ministry of Economy and Ministry of Industry and Trade of the republic.

Making a report at the meeting, Tatarstan Minister of Economy Farid Abdulganiev said that the gross regional product (GRP) amounted to 2 trillion 440 billion roubles in 2018, with a growth rate of 101.5 per cent as compared to the previous year. According to a forecast that has been made with regard to the implementation of the May Decree of the Russian President, the growth of the GRP will make 117.9 per cent by 2024.

The Minister continued that the republic is paricipating in 47 federal projects. Over three years, more than 48.5 billion roubles of budgetary funds, including 34.3 billion roubles from the federal budget, will be allocated for their implementation. To date, 34 agreements have been concluded with federal ministries.

Speaking at the meeting, Minister of Industry and Trade of the republic Albert Karimov, added that the volume of industrial production exceeded the previous year’s figures and amounted to 2 trillion 818 billion roubles, the index of industrial production made 102 per cent. In the total volume of industrial production, oil production accounts for 21.9 per cent, with products shipped worth 618 billion roubles, index of industrial production made 101.8 per cent. As many as 36.4 million tonnes of oil were produced in the republic, which is 700,000 tonnes more than in 2017. Tatneft Oil Company produced more than 29 million tonnes, while small oil companies - over 7 million tonnes.

Speaking at the meeting, Minnikhanov noted that the region is facing the challenge of increasing the share of non-commodity exports by 2.4 times by 2024. At present, their share makes only 3.5 per cent of the total volume of Tatarstan exports. “It is necessary to increase the competitiveness of these products, and to find new foreign markets,” Tatarstan President said.

He paid special attention to attracting investments into the regional economy and the development of the business environment. Minnikhanov reminded that four cities of Tatarstan have received the status of territories of priority development. However, work on attracting residents to these sites should be intensified, he added. 

Minnikhanov noted that potential investors have a wide range of investment opportunities. Today, products worth more than 200 billion roubles are imported into the republic. It is a promising focus of work to develop the production of this category of goods in Tatarstan, Minnikhanov concluded.

At the end of the meeting, Minnikhanov handed in state awards of the Republic of Tatarstan.