Reindustrialization of Russia: possibilities of technology imports

Abstract

The article examines the possibilities of importing technologies for reindustrialization of Russia and demonstrates that reindustrialization of Russia supported only by its own resources may have unfavourable economic effects – it may take many years and result in yesterday’s technologies. The author proves that today’s possibilities are ineffectively used, identifies the main obstacles to more effective use of foreign technology in the domestic economy, and provides reflections on the incentives for importing capital equipment and technology. The main conclusion of the study: reindustrialization of Russia can be successful provided it is an integral part of the industrial policy and the government is in charge of this process. It is the government that has to create the necessary economic and institutional conditions for transforming the economy and making it more competitive. Among these conditions is creation of sufficient economic incentives for business entities for their active participation in the projects of modernization (primarily, in the form of financial and tax incentives).