Import substitution as a factor of sustainable development of Russian economy

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Import substitution as a factor of sustainable development of Russian economy

Mironova D.D.¹, Lopatkina E.A.²

¹ORCID: 0000-0002-2909-2442, PhD in Economics,

²ORCID: 0000-0003-0842-4492, Student of Economic Faculty, Institute of the service sector and entrepreneurship (branch) DSTU in Shakhty

импортозамещение как фактор обеспечения устойчивого развития экономики РФ

Миронова Д.Д.¹, Лопаткина Е.А.²

¹ORCID: 0000-0002-2909-2442, Кандидат экономических наук,

²ORCID: 0000-0003-0842-4492, Студентка экономического факультета, Институт сферы обслуживания и предпринимательства (филиал) ДГТУ в г. Шахты

Аннотация

В статье рассмотрены необходимость, сущность и роль импортозамещения как эффективного инструмента оптимального развития рыночной экономики в условиях санкционного давления западных стран. Проанализированы проблемы, связанные с реализацией политики импортозамещения в России. Охарактеризованы позитивные и негативные черты использования импорта для экономического развития страны. Отражены потенциальные пути дальнейшего развития экономики Российской Федерации в рамках реализации политики импортозамещения.

Ключевые слова: импортозамещение, экспорт, импорт, механизм импортозамещения, диверсификация, экономические санкции.

import substitution market sanction

Abstract

The article examines nature and role of import substitution as an effective tool for the optimal development of the market economy in terms of Western sanctions pressure. The article analyzes the problems which are associated with the implementation of the import substitution policy in Russia. There characterized positive and negative features of imports use for the economic development of our country. It reflects the potential ways of country's economic development within the compass of this policy's realization.

Keywords: import substitution, export, import, import substitution mechanism, the diversification, economic sanctions.

Modern world trade is formed in a high differentiation of the country's economies, regions, sectors of socio-economic status, the role of exports and imports, growth rates. It is carried out in the conditions of complicated relationships with other countries, in sharp marketing wars over natural, human and information resources, markets of goods, services and intellectual property.

This leads to significant economic risks. It drives to situation when some countries or groups of countries use various non-economic and economic sanctions against its competitors. It motivates to serious social and economic risks, leading to the destruction of productive forces, relations between countries and bankruptcies, including sectors and regions which are rich in resources. Causes of threats that have a negative impact on all kinds of economic, financial, food, social and military security of the world economy subjects can be seen at different levels of economic, social and political development of countries and regions, imperfect mechanisms and management tools of economic, social and environmental progress. Risks of international relations are caused by political contradictions of countries and regions, uneven distribution of investments, production, engineering and social infrastructure, large differences in the geographical location of countries and territories. Risks of goods' exports and imports are also determined by frequent change of conditions in world markets, increase or decrease in the world prices, the growth of customs duties, the emergence of a variety of protective measures, the new standards and sanctions against the exporter. In recent years there had increased the role of political factors that leads to additional risks in international economic relations [1].

Under such circumstances there is necessary financial and economic stability of macroeconomics, international monetary and credit systems, the stability of the contractual relationships, as well as restricted use of the economy for political purposes. Russian Federation economy which is characterized now by a large share of imports in GDP may have great potential for import substitution. This potential lies in the ability for optimization of country's economy structure through the establishment of additional industries and sectors that can replace import. Such industries would allow to make the economy independent of external risks, foreign economic relations, monopolies collusions and groups of countries capable of inflicting damage to importing countries by undermining their stability and appreciation of component supply [2]. It actualizes the necessity of resource potential characteristic of economic subjects of country for import substitution and possibilities of its use on the base of national economy modernization.

Efficiency of various goods and services import is that it allows overcoming the deficiency of the economy and organizing the new kinds of production. It promotes to using of the world's achievements of scientific and technological progress, overcoming imbalances and receiving goods and services that are not produced in the country due to unfavorable natural and climatic conditions. Import of production is often caused by lack of raw materials base, as well as shortage of qualified personnel, the special nature of a particular stage development of country or region. Issues of import expansion are becoming particularly relevant in times of economic crisis and sanctions. Imports of goods and services would allow accelerating economic growth and overcoming economic lag. It would help to mitigate the crises of industries and regions, create tactical and strategic reserves and establish close relationships with other countries and companies.

However, excessive use of import for the country's economic development is fraught with the following risks: dependence increase of the national economy from the international economic relations and external economic policy of the exporters; need for switching over to the standards and requirements of foreign partners; danger of losing its own scientific and technical base, as well as scientific schools which develop new products and technologies; enhancement of skilled labor outflow in the countries with an innovative type of reproduction; reduce of the economy potential on the subject of employment increase and tax revenue obtaining. Import is often used in the marketing wars for political purposes (political sanctions). As a result, there emerges shortage of commodities in exporting countries.

Export and import of products, undoubtedly, will be expanded and used in the future. It is an objective trend of the modern world economy development, but their dimensions need to be optimized. The world practice shows that one of the effective tools to optimize the import is the import substitution. In such a case, study of characteristics and possibilities of resource potential use of economic entities of country and region on the import substitution is of particular importance from a perspective of sustainable balanced development of the national economy, building effective relationships in business entities with a view to accelerating the transition economy for innovative path of development.

Despite the short-term negative impact of changed political relations in the medium and long term perspective there were created conditions for economic growth in the national and regional economy. In this case economic growth based on import substitution, formation of preconditions for the diversification of foreign trade portfolio, strengthening the technological upgrading and active support of industries based on the technology use of the most advanced structures. In the context there is the necessity of “rational import substitution”, based on the advanced development, integrated product modernization, the use of advanced technologies to ensure the economic security of Russia in the conditions of escalating geo-economic and geopolitical competition of leading national and macro-regional actors in the global economy [3].

Under the conditions of economic crisis, the threat of global recession and external economic pressures there are two priority economic tasks. The first one is to maintain economic and social stability. The second one is to promote economic growth of Russian economy and its regions. Under the pressure of complicated foreign policy and external economy situation the Russian regions need some kind of mobilization of economic policy oriented for full investors support, business initiatives and innovation, as well as consolidation of available economic resources in the most significant regional projects and programs. In this case, import substitution may be the main instrument for maintaining economic stability in the face of external economic pressure. Import substitution is a complex and preferred method for carrying out economic restructuring, dependence reduce on natural resources of the Russian Federation, development of independent industrial production and new technologies. Globally, it is a measure for maintaining the national sovereignty and its economic independence [4].

References

1. V.A. Semakin, V.V. Safronov, V.P Terekhov. Import substitution as an effective tool for the optimal development of market economy // Journal of Kursk State Agricultural Academy. - 2014. - № 7. - p. 1-7.

2. D.D. Mironova, V.S. Lobunets. Possibilities of import substitution strategy implementation as a priority area of innovation development of coal industry in the Rostov region // Successes of modern science and education. - 2015. - №1. - p. 40-43.

3. N.A. Novitsky. Import substitution as the basis for technological breakthrough to innovative reproduction // Economy and Entrepreneurship. - 2014. - № 10 (51). - p. 86-90.

4. N.S. Melikov. Current trends of import substitution policies in Russia and the problems associated with its implementation // XXIX International Plekhanov readings. 24-26 February 2016 .: collection of articles in 3 volumes - V. 1. - M .: “REU of G.V. Plekhanov”, 2016. - p. 24-26.

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