Putin news | Putin: Russian industry must fill the hole left by Western companies

Putin news | Putin: Russian industry must fill the hole left by Western companies

The president believes there should be no room for those brands to come back.

According to Russian President Vladimir Putin, foreign businesses that have left Russia will eventually return, but domestic producers must make sure there is no market vacuum for them to fill.

At a meeting in Veliky Novgorod with the leaders of engineering schools and their industry partners, he remarked, “We need domestic developments to lay at the core of everything, we need to strive for this and accomplish it as rapidly as possible.” “We need our manufacturers to be in the market so that the market will be occupied when international partners decide to return, which will happen sometime.”

The president remarked that domestic producers were forced to create their own products as a result of international businesses leaving Russia as a result of sanctions relating to the Ukraine.

“Our detractors don’t even comprehend what they have done; they forced us to produce our intellectual products, and this is extremely good; we obviously cannot accept failure,” he said. “We were lazy and resting on the laurels of our mineral wealth.

Putin said that monopolies are undesirable because they harm the economy, and he added that internal competition must make up for the absence of foreign competition.

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