Vladimir Putin set a goal to reduce the share of imports in the Russian economy to 17%. "The dynamics are generally good. Look: in 2019, the share of imports in Russia reached 26% of GDP. In 2023, it was 19% of GDP, or 32 trillion rubles," said the president.
He emphasized that the reduction of the import share should not come at the expense of bans and "protective barriers," but rather through the development of competitive domestic production.
Speaking about Russia's adaptability to technological transformations, Vladimir Putin noted changes in the financial sector, electronic commerce mechanisms, the transport services sector, and the public administration system. "Similar processes are beginning to unfold in the armed forces as well, where we also need a high pace of technological renewal. This is a crucial, defining issue for our country," the president said.
The president announced a federal investment tax deduction and instructed to determine its parameters and volumes as part of the adjustment of the tax system. According to the head of state, this tool should become effective and widely in demand.
"I want to emphasize that what I mentioned concerns the investment tax deduction in the constituent entities of the federation. In addition to this, a federal deduction will be introduced as part of the tax system adjustment, aimed at stimulating business investments in development, achieving greater social justice, and reducing inequality among citizens," said the president.
The profit tax rate for Russian IT companies will be set at 5%, and it will remain in effect until 2030, Vladimir Putin announced. The president noted that a range of measures will be provided to support the IT sector, including "accounting with an increased coefficient for expenses on domestic digital solutions when calculating the profit tax."
According to President Vladimir Putin's speech at the SPIEF plenary session, Russia plans to enter the top countries in terms of R&D spending within six years. The state will increase spending on scientific research to at least 2% of GDP.
Putin announced that "a number of new national projects in the field of technological sovereignty will be launched in such key areas as means of production and automation, new materials, chemistry, promising space services, energy technologies, and several others." He emphasized that finished products should not "lie on the shelf."
The president promised to separately discuss this topic with parliament and the government.The president noted the need to provide for the possibility of transferring patents for scientific developments from customers to their creators, as well as to small innovative enterprises and technology companies.
Vladimir Putin also noted that Russia should enter the top 25 countries in the world in terms of robotization density. "This means installing more than 100,000 robots," the president explained. He stressed that the production of robots needs to be rapidly developed on its own technological base. The country already has all the opportunities for this, Mr. Putin stated
Comments from Alexander Smekalin, Director of AIRR:
"The president announced important decisions that will help unlock the innovative potential of the regions. In particular, maintaining the reduced profit tax rate at 5% is quite optimal for IT companies. Under these conditions, software development companies will retain the ability to continue growing and investing in the creation and development of their products. For most SMEs in the software development sector, profit is practically the only source of funding for product development and new projects.
Vladimir Putin also spoke about increasing government spending on scientific research. Considering the fact that in recent years the regulatory framework supporting innovative activities has been supplemented by numerous development institutions, including funds, clusters, and technoparks, these measures will significantly raise the level of innovative activity in Russian regions, attract highly qualified scientific personnel, and, overall, ensure the growth of national competitiveness in global markets for innovative products.
"It is worth noting that SPIEF started in St. Petersburg on June 5 and will last until June 8. The main theme of this year's forum is "The Foundation of a Multipolar World - Creating New Growth Points."
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