Russian Agro-sector is switching to Green-Tech

Russian Agro-sector is switching to Green-Tech

The market for environmentally friendly technologies in the agricultural sector is developing dynamically in Russia, its volume is already approaching 1 billion euros. Some Russian experts noted that although the industry is still quite young, it is already attracting great interest from investors. "In 2019, private investments in Russian green agricultural startups amounted to about 2 billion euros," said Nadezhda Orlova, head of the Department of Economics of Innovation in Agriculture at the Institute of Agricultural Research of the National Research University Higher School of Economics Moscow.

According to her, there are long-term strategic programs in Europe and the United States to promote green agricultural technologies. So far, these programs are lacking in Russia. China is also becoming one of the world's largest producers and consumers of greentech. Russian manufacturers are therefore increasingly using imported solutions. "If the trend of increasing imports continues, we will find ourselves in a situation where markets for exclusively foreign biotechnologies will develop in Russia." noted Vladimir Avdeenko, Head of the Directorate for the Development of Agricultural and Biotechnologies of Innopraktika.

In order not to leave this market only to foreign companies, last year Innopraktika launched the long-term Innagro project - a program for testing biological products for agriculture, involving 21 regions and more than 100 agricultural companies. One of the first companies involved was Phosagro. Phosagro CEO Andrey Guryev said that an important step on the way to a share of Russian technologies in the green tech market was made in June 2021, when the Law on Agricultural Products, Raw Materials and Food with Improved Properties was signed.

A "green standard" for agricultural products will also be introduced in Russia in March 2022.

Source: Russia Business Today

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