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Russia considers foreign investments to boost laundries

According to recent statements from Denis Manturov, Russia’s Minister of Industry and Trade Russian government is considering creating the ideal conditions for attracting foreign investment in its laundry and cleaning industry in the coming years.

The current situation in the Russian laundry and cleaning industry remains complex, as the majority of local players experience a shortage of funds needed for their further development even though the ongoing recovery of the Russian economy from the financial crisis and its consequences.

The reason is because of the inaccessibility of cheap Western loans and poor lending conditions in Russia. As per the latest predictions of analysts of the Russian Ministry of Industry and Trade, the industry has good conditions for further growth, due to the ever-recovering demand for laundry and cleaning services in Russia.

In the case of foreign investment, it is planned that particular attention will be paid to attracting investors from China. The plan is the majority of these laundries will be established in large cities. In the meantime, the authorities of Moscow and St. Petersburg have already promised investors benefits for the implementation of the project, in particular tax and customs remissions and exemptions.

According to Minister Manturov, the development of the laundry and cleaning industries has never been among the priorities for the Russian government. On the other hand, there is a possibility that such a situation will change in the near future, as the government is considering providing support to both foreign and domestic investors, which plan their development in this field.