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Russian Chemical Industry at the Crossroads

According to the Ministry of Economic Development of the Russian Federation, over RUR 14 trillion (USD 465bn) may be invested in the domestic chemical industry. Provided that a plan for innovative development of the given industry is adopted, such huge investments will be made for the period through 2030. The chemical industry accounts for 1.8% of the Russian GDP. Today, the the domestic chemical industry faces serious challenges. The main factors that hinder the growth of the industry are obsolete technologies utilised in a number of segments of the chemical industry, high wear and tear of fixed assets, insufficient investments in up-to-date equipment, etc. The present article is an attempt to give a comprehensive answer of how to address all these issues.

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