Import Substitution Exchange

2022: Service Launch

In mid-March 2022, the Ministry of Industry and Trade announced the launch in Russia of the online service "Import Substitution Exchange," which was created on the electronic trading platform  of Gazprombank  on the basis of the State Information System of Industry.

According to the department, at the new site, customers will be able to publish requests for the purchase of industrial products, spare parts and components, and suppliers will be able to send their price proposals and offer analogues without additional costs, approvals and intermediaries.

Ministry of Industry and Trade launches import substitution exchange

The system will allow you to collect a wide base of suppliers and automatically send invitations to bid. It will also check manufacturers and their products for compliance with customer requirements. In addition, due to additional financial services: bank guarantee, factoring and leasing, it will reduce the labor costs of suppliers. The next stage in the development of the service will be large-scale work with cataloging and unification of positions, as well as the use of machine learning algorithms.^[1]

Using it [the service "Import Substitution Exchange" - approx. TAdviser] will provide direct interaction between Russian production companies and customers. The system will also reduce bureaucratic and administrative burdens on enterprises. In the future, the digital service will be improved. The base will gradually include not only domestic, but also foreign suppliers ready to continue or begin cooperation with Russia, "said Deputy Prime Minister Dmitry Chernyshenko.

According to him, by March 2022 in Russia there are enough manufacturers of components that previously could not withstand competition with foreign suppliers. They are ready to supply the market with their products, restoring supply chains torn due to sanctions.^[2] SUBSTITUTION EXCHANGE^[3]

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