Rapidly growing Russian manufacturers are now eyeing foreign expansion, Maksim Oreshkin told the Eastern Economic Forum in Vladivostok
New domestic brands are rapidly growing in Russia and expanding into foreign markets, President Vladimir Putin’s economic adviser, Maksim Oreshkin, said on Sunday.
Oreshkin was speaking during the Eastern Economic Forum, which kicked off on Sunday in the city of Vladivostok in Russia’s Far East.
“The [domestic] brands are growing by tens of percent, some by hundreds of percent. Russian brands are taking over the domestic market and entering international markets, and the process is gaining momentum,” Oreshkin said.
The exodus of Western firms from Russia freed up niches that are now being filled by local manufacturers, who produce better quality goods, such as clothes and toys, the adviser said. New jobs are being created and salaries are growing as part of the process, he added.
The four-day Eastern Economic Forum is aimed at expanding cooperation in trade and investment with all interested foreign partners. Around 7,000 people are expected to participate at this year’s forum, with the largest contingents arriving from India, China, Laos, Mongolia, and Myanmar.