Economist assesses Bashkiria's ability to cope with sanctions pressure

The director of the Institute of Economics, Management, and Business, Doctor of Economics, Konstantin Grishin, told how Bashkiria, in the conditions of severe sanctions pressure, COVID-19, and the SMO, manages to maintain and increase confidence rates of development.

“This five-year period began in special conditions of sanctions pressure on our economy; then COVID-19 happened, a special operation was announced, and international restrictions tightened many times. The difficult context significantly complicated the state's work on development. Still, the management team of Bashkiria, in my opinion, immediately correctly placed all the accents and focused on increasing the attractiveness of investment in our republic. Our republic was underinvested in its time, and over the past five years, we have seen a multiple increase in investment activity in the development of various sectors of the economy. From the point of view of supporting industry, the state solves two problems - creating conditions (economic, institutional, organizational) and financing knowledge and research work. Both elements were implemented,” the expert believes.

Grishin separately noted the creation of special economic zones in Bashkiria.

"In 2020, a correct decision was made to open the Alga SEZ because this tool should be considered a spatial development technology. This long-term project has quite a serious prospect, as evidenced by the launch of SEZs in 2024 in three more regions of the country, and their total number today reaches 50. The decision to expand the special economic zone to the Ufa region was also correct, thanks to its favorable location," he explained.

According to the economist, Bashkiria's industry adapted quickly to the new conditions.

"From an export point of view, from the point of view of indicators and ratings, the republic's leadership achieved the previously set goals and used all the opportunities," Grishin said.

Author: Ivan Vavilov