There is an outpacing growth in investments in machinery, equipment, and intellectual property, Ivan Vezhnovets said. «Precisely in the technologies that are being introduced into our production facilities. So, investments in machinery and equipment rose by 5.8%, and in intellectual property, know-how and developments — by more than 6% year-on-year,» he emphasized.

As priority areas, the first deputy economy minister identified two major sectors. «These are the manufacturing industry and agriculture. It is also important to note that we are investing specifically in the manufacturing sector that generates the return for the real sector of the economy,» Ivan Vezhnovets said. «This means we implement large, medium, and small investment projects. We keep track of the most significant projects: there are now more than 900 of them. This shows that various organizations are investing in their development through the instrument of investment.»

He also moted that more than half of these projects are being implemented within the framework of a regional initiative. «These are the instruments that the state has created to support investment activity in the country. Around 60 projects are nearing completion this year. Accordingly, enterprises are reaching their designed production capacity, producing in-demand goods, and reaping economic benefits,» the first deputy minister said.

Money needs to be invested in development, and each enterprise has its own process for this. «Some invest in development through investment projects: this means equipment, the construction of buildings and structures, because that equipment has to be placed somewhere,» Ivan Vezhnovets said. «Others invest in the development of new products, a new product line, or the development of a trademark so that the products become known and enjoy recognition among consumers.»

In addition, one of the priority areas is investment in research and development. ‘When development is underway, it is tied either to the technological cycle or to new products, to some kind of know-how. Again, this also contributes to the development of the manufacturing sector," he noted. «Another very important point, and it concerns not so much investment as production itself, is investment in improving the efficiency of ab enterprise’s operations. This includes lean manufacturing and personnel diagnostics. This is development, too. It requires lower costs but yields great effects in specific cases.»