Russia now has a development strategy for the cosmetic industry until 2030

| By | Cosmetics, Ministry of Industry and Trade
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The Ministry of Industry and Trade of the Russian Federation has developed a draft executive order of the Government of Russia “On the approval of the Strategy for the Development of the Perfumery and Cosmetic Industry of the Russian Federation for the Period up to 2030”.

The document was prepared in accordance with 172-FZ “On Strategic Planning in the Russian Federation” and is open for public discussion.

The strategy will determine the priority directions of state policy in the development of the manufacturing of perfumery and cosmetic products in Russia. The Minister of Industry and Trade, Denis Manturov, noted that the document is aimed at improving the competitiveness of the industry by eliminating a number of restrictions.

“Until now, state support for the perfumery and cosmetic industry was point-like, and only systematic work on the development of the industry will increase its importance both in the sphere of total chemical production and in the turnover of the country’s foreign trade. The implementation of the Strategy will enable increasing the direct contribution of the perfumery and cosmetics industry to GDP by 2030. Compared with 2017, the volume of Russian production will increase by 3.6 times, and the volume of exports of products – by 4.3 times. The development of domestic brands in the industry will help to minimize the losses of the Russian economy, and enhanced investment activity will help strengthening the competitiveness of domestic perfumery and cosmetic products on the Russian and global markets,” said the Minister.

As expected, the implementation of the Strategy will have a multiplier effect on other sectors of the Russian industry.

“Creating a new niche for the production of raw materials and ingredients of natural origin will have a positive effect on the development of both the production of natural and organic cosmetic products and other industries – the chemical, food and pharmaceutical industries,” noted Mr. Manturov.

In developing the Strategy, other strategic planning and forecasting documents developed at the federal level were also taken into account, including long-term strategies for the socio-economic and scientific-technological development of Russia, the development of the chemical and petrochemical complex, food and processing industries.

SOURCE: gmpnews.ru
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