Key factors fueling the high-income economy, as identified by VTB.
In a significant move, President Vladimir Putin called for the creation of a high-wage economy in Russia during the St. Petersburg International Economic Forum in 2021. This ambitious goal is set to be achieved by 2030, with the Russian government spearheading the efforts to transform the economy.
The executive branch, led by the President and the Ministry of Economic Development, is responsible for budgeting and planning investments in new technologies. This includes nanotechnology, biotechnology, and genetics, which are seen as necessary to maintain business competitiveness in the modern world.
The development of these technologies is expected to lead to a structural change in employment towards highly qualified, high-paying jobs. The Russian economy is aiming to reach a level of 300 to 400 industrial robots per 10,000 employees by 2030, a figure higher than the current global average. This goal, however, requires substantial funding.
It is estimated that the cost of reaching the global average of 150 robots per 10,000 employees, let alone the higher target, would exceed 600 billion rubles at current prices. Large investments in equipment for robotics should be accompanied by effective management systems and software solutions to ensure efficiency and productivity.
The development of robotics, as stated by Dmitry Sredin, could significantly accelerate the growth of the Russian industry. The President also noted that the development of the Far East and Arctic, and the construction of the future economy, should lead to an increase in people's well-being, their incomes, and a decrease in poverty levels, as evidenced by the current growth in the Far East region.
The increasing demand for new materials, nanotechnology, biotechnology, and genetics underscores the importance of these investments. Putin himself emphasized that the current wage levels in Russia are insufficient, and a high-wage economy is necessary for the country's economic growth and the well-being of its citizens.
The transformation of Russia's economy into a high-tech, high-wage economy presents a challenging but exciting opportunity. With coordinated efforts by relevant ministries and agencies handling economic policy and innovation planning, Russia is poised to join the ranks of high-tech economies with a higher density of industrial robots.
