"The Government has adopted a series of bailout policies to support the timber industry during the recession and promote its development in the future," the First Deputy Prime Minister told the congress participants and guests.
The most important measures, Mr Zubkov affirmed, include:
- an approved list of priority investment projects in the sector;
- an established procedure for subsidising the interest on loans to producers taken out for technical upgrading;
- an approved list of technological equipment to be imported into Russia's customs territory VAT free; and
- state guarantees on timber companies' working capital loans and fixed asset loans.
Mr Zubkov said the Government was working on additional proposals to support the timber industry, such as to subsidise strategic companies' and other large producers' interest on loans taken with Russian lenders.
The official cited priorities of the sector's development, including higher efficiency of production, working capital and borrowed capital adequacy, cutting costs and finding reserves to support stable operation of the sector's companies.
Mr Zubkov underlined that the Government was going to assist and support the most effective businesses which would drive the sector's restoration and growth when the economic downturn is reversed. He also pointed out the urgent need to improve the legal framework regulating the timber industry.
"Appropriate instructions for the Agriculture Ministry have already been issued," he said.