A leading region with a great potential. Even during the 2014 crisis, the Bashkortostan Republic showed better performances than the federal average. As before the crisis, the GRP of Bashkortostan grew by 1.90% to 1500 billion RUB (22.75 billion CHF) and grows at the same pace in 2018.
Bashkortostan at an early-stage of development. The business environment in Bashkortostan became interesting for foreign SMEs since the last economic crisis. The local government is implementing a 958 million RUB (14.5 million CHF) strategy to increase regional competitiveness. Besides, they created industrial and technological parks to bring together local and foreign companies thanks to preferential tax regimes, aimed at creating synergies between industrials.
A regional production center for growing export. The trade turnover of the region increased by 22% during the January-August 2018 period (YoY). The most significant change in Bashkortostan is the shift of the industry from exporting raw energy resources to producing locally and exporting transformed finished products based on local resources (aluminum alloys, food products, chemicals, glass products for cars and architecture, industrial equipment).
Specialization as a key factor of success. The region is already well-known as the best one in terms of oil refining (oil processing ratio above 86% compared to the 79.2% average in Russia) and as a leader in manufacturing, for example of concrete pumps (100% market share in Russia) and chemicals, metallurgy and iron-ore processing.
An economy that needs new production equipment. Local companies need to renew their old and outdated production assets. Hence, the local government also grants subsidies to local companies to renew their equipment. For example, in the agricultural sector, the government is allocating a 6.9 billion RUB (1.03 billion CHF) budget for both farmers and machine suppliers, to support the purchase and production of equipment within the Eurasian Economic Union.
Discover one of the most dynamic republics in Russia with our overview of Bashkortostan, presenting the latest macroeconomic and industrial development trends in the Republic of Bashkortostan. Our review contains a selection of local investment projects and draws attention to business opportunities with the major players in Bashkortostan.
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