MOSCOW, Aug. 31 (Xinhua) -- The Russian government on Monday approved an updated strategy for the development of the country's automotive industry through 2035.
By 2030, Russia's technological independence in the automotive industry must reach 80 percent for passenger cars and 90 percent for commercial vehicles under implementation of the sector's development strategy, Russian First Deputy Prime Minister Denis Manturov said at a meeting.
Russia plans to more than double its vehicle exports by 2035 compared with 2026 levels, targeting up to 70,000 units, according to the strategy.
According to Manturov, the strategy's primary goal is to maximize the utilization of the country's automotive production capacity.
Under the strategy's targets, the volume of Russian car exports is projected at approximately 29,700 units by the end of 2026. The figure will rise to 49,700 units by 2030 and 69,700 units by 2035.
Neighboring countries and markets in Central Asia, the Middle East, North Africa, Southeast Asia and Latin America are identified as target export markets.
Key export support measures include partial compensation for transportation costs, subsidized preferential loans for Russian automakers, promotion of demand for Russian products in foreign markets, improved international financial settlement mechanisms and favorable customs arrangements for target markets.
