The Russian government has approved of a strategy for the development of the chemical and petrochemical industries up to 2015. The government has approved the basic provision of the strategy, and the document should be officially endorsed before 2008. The Industry and Energy Ministry have been tasked with taking into account issues discussed at the government session, endorsing the strategy after that, and reporting to the government about the issues in Q1-08.
The key purpose of the strategy will be the modification of the chemical industry's structure. Currently, about 70% of chemical products manufactured in Russia are raw materials and semi-finished products for processing, and only 30% are value-added goods. The country seeks to reverse this trend and boost industrial production to grow 240% between 2008 and 2015. This should boost Russia's exports and increase the chemical industry's share in the GDP to nearly 3% in 2015 from the current 1.7%.