SPIEF results: “At home — safer”

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The 25th St. Petersburg International Economic Forum (SPIEF-2022) ended on June 18.

The event took place despite pressure from Western countries. The number of foreign guests of the forum has significantly decreased this year, nevertheless, it was attended by 14 thousand participants from 130 countries.

During the forum, agreements worth almost 500 billion rubles were signed and a number of significant legislative initiatives were adopted.

It was decided to reduce the rate on the preferential mortgage program with state support from 9% to 7% per annum, Russian President Vladimir Putin said at the plenary session of SPIEF-2022. At the same time, the duration of the program remains the same – until the end of this year, the president noted.

Vladimir Putin also proposed launching an “industrial mortgage” — long-term loans at a rate of 5% for enterprises that plan to buy ready-made areas for production. The relevant departments were instructed to work out the issue of introducing industrial mortgages and launch the program in the near future.

The President considers it necessary to create mechanisms for guaranteed demand for new innovative products that enter the market. “It is necessary not to copy, but to be one step ahead,” he said.

One of the main tasks of the state policy is to support the domestic IT industry. Due to the sanctions pressure, many Western suppliers of IT solutions have left the Russian market. In this regard, there was a need for legislative initiatives to stimulate the creation of domestic digital solutions that can replace the products of foreign vendors.

The Government has instructed the Ministry of Finance to submit proposals by July 1 on the formation of industrial competence centers for the development of Russian system-wide and application software necessary to replace currently used foreign analogues.

Who will benefit from the measures taken

The presented legislative initiatives will have a long-term positive impact on a number of sectors of the economy.

Developers expect an increase in demand against the background of a reduction in the preferential mortgage rate. The proposal of Russian President Vladimir Putin to reduce the rate will revive demand in the primary housing market. The first effect of the new conditions for granting preferential mortgages will be noticeable within about two to three months after the launch of the updated program, developers believe.

Companies in the banking sector will also benefit from the introduction of preferential mortgage programs. The largest banks promptly responded to the President’s proposal to reduce the mortgage lending rate. Just a few minutes after the end of the speech of the head of state, VTB and Sberbank announced the start of accepting applications from borrowers under the new conditions of the state program.

Initiatives to support companies in the IT sector will have an impact on the entire industry, will help in the development of high-quality domestic digital products. But most of all, cyber security companies that occupy a significant share of the domestic market – Kaspersky Lab, Rostelecom–Solar and Positive Technologies – the only public company operating in the field of information security, will benefit from the measures taken.

Due to the increased frequency of cyber attacks, protection from digital threats has now become a basic need for both ordinary users and large corporations and public sector companies.

It is worth noting that during the SPIEF-2022, the forum site was repeatedly subjected to massive hacker attacks, because of which it was even necessary to postpone the speech of Russian President Vladimir Putin. Anton Kobyakov, adviser to the President and organizer of the event, compared DDoS attacks on the SPIEF with the bombing of Stalingrad. In the current realities, building reliable cyber defense is a matter of national importance.

Conclusion

The Russian authorities actively support the IT industry and other key sectors of the economy. Previously, a preferential mortgage for IT specialists was approved at 5% per annum, now two new mortgage programs of preferential lending have appeared.

The measures taken stimulate the domestic construction markets, have a positive impact on the banking sector, and also contribute to the business development of organizations engaged in the development of domestic software.

Companies working in the field of cybersecurity are certainly beneficiaries of new government initiatives.

On May 1, the Presidential Decree “On additional measures to ensure the information security of the Russian Federation” was adopted, according to which state organizations should check the security of their information systems. IT security units should be created in every department, institution and system-forming enterprises. In the absolute majority of regions of Russia, headquarters for the protection and detection of cyber threats have already appeared.

The increased frequency of cyber attacks, government initiatives and the departure of foreign vendors, who occupied 40% of the Russian market, contribute to a sharp increase in demand for information security products and give an additional impetus to the business development of Russian developers of security solutions.

At home — more reliable

During his speech at the SPIEF, Vladimir Putin called on businesses to actively invest in the domestic economy. “It’s safer at home. Those who did not hear this message lost hundreds of millions of dollars… Don’t step on the old rake, invest here. Invest in the creation of new enterprises and jobs, in the development of tourist infrastructure, support schools, universities, healthcare, social sphere, culture and sports. I know that many people do this,” the president said.

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