Financial Impact of Digital Technologies as a Promising Element of Import Substitution

Abstract

This article examines the financial elements of agricultural production digital architecture in Russia during the transition to the fourth technological stage in order to compete and import substitution in the agro-industrial market of the country. The pandemic and its consequences have had a negative impact on the Russian economy, in the context of the country's insufficient food security and the inevitable increase in prices for imported goods, due to rising prices for hydrocarbons and the predominance of low-value-added food products in exports. Due to the weakening of the ruble against the falling oil prices, the economy may face the need for a new wave of import substitution. This study identifies the problems of the agricultural sector and the reasons for Russia’s high dependence on imports justify the need to develop high-tech technologies. Authors determined the development directions of agricultural production digitalization in Russia through innovative agricultural technologies based on the Internet of things, distributed computing, and artificial intelligence technologies. Increasing the level of the agro-industrial complex development, bringing it to a new independent stage, is vital. However, it is impossible without state support and the digitalization of technological processes.

Impact of industrial robot applications on global value chain participation of China manufacturing industry: Mediation effect based on product upgrading

“…First, as IR applications promote product upgrading, this can gradually meet the demand for the intermediate inputs produced locally in the economy and enable import substitution. Lastochkina et al [41], Bulatova and Amirova [52] all argued that, in Russia's digital economy, digital technologies such as AI, IR, IoT, and big data will play an important role in Russia's import substitution strategy, because these digital technologies help to promote the upgrading of the industrial sector. Thus, when the manufacturing chain stays local, more of the intermediate inputs needed to produce final exports will be supplied locally, rather than being imported from other economies.…”

Complex development of a digital platform of the agricultural economy

“…New technologies are also helping to increase the volume and quality of agricultural products. These processes are directly related to the use of agro-industrial technologies in this industry, as well as to the improvement of planning and management [1,2]. Agricultural automation is the ability to effectively and efficiently manage the agroindustrial complex as a whole.…”