RUSSIA TO INVEST USD200 MILLION IN ESTABLISHMENT OF RAW MATERIALS’ BASE FOR DOMESTIC TEXTILE INDUSTRY
December 1st, 2017
AS much as USD200 million is to be invested by the Russian government in the local manufacture of raw materials used by the domestic textile industry over the next two years (2018-19).
Funds will be allocated to boost production of cotton, flax and wool in specific areas across the country, thus allowing for the reduction of imports of such products by between 25% and 30% as early as next year, said Russia’s minister of industry and trade, Denis Manturov.
The first of the projects will be implemented in the Astrakhan region in the south of the country next ...
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