Russia Re-Industrializes as Energy Boom Fades
March 22, 2013
For the last decade, Russia has been the world’s largest energy exporter, sometimes called “the Saudi Arabia of the snows.” Now, many economists say that oil and gas revenues are dropping and that Russia is starting to re-industrialize.
Post Soviet Russia is widely seen as an industrial rust belt. But here, in a new car making hub outside St. Petersburg, American car maker GM is investing to triple its production capacity.
Romuald Rytwinski, GM’s Manufacturing Manager for Russia, says the quality is world class.
“I was working 10 years as a plant manager in Western Europe,” said Rytwinski, a native of Poland. “And when I look at the cars we are making here, I’m very proud. The quality of products, it’s as good as the best plants in Western Europe.”
With these new cars, Russia this year is to finally top the peak car production level of the Soviet Union - 2.2 million in 1985.
The rebirth of car making in Russia may signal the slow start of Russia’s re-industrialization.
Seeing the end of an oil boom
Anders Aslund, a Swedish economist, says that energy revenues are dictating new directions for Europe’s most populous nation.
“The oil price now seems to be leveling out, and you would expect it to go down a bit rather soon,” Aslund said on a visit to Moscow from Washington where he works for the Peterson Institute of International Economics. “And then the crowding out of other sectors by energy would diminish and at that time we will see a substantial revival of Russian manufacturing. “
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2013-11-25
2013-11-25
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2013-11-25
2013-11-25