Development and Modernization of Russian Extractive and Manufacturing Industries Using Digi-tal Technologies in a Transforming World: Investment Aspect

Abstract

The changes that have taken place in the world order in recent years are reflected in scientific concepts de-scribing transformation processes. In the eighties of the XX century, the SPOD-world was replaced by the VUCA-world, and total digitalization, the coronavirus pandemic and geopolitical conflicts gave rise to the BANI-world, the transition to which from the VUCA-world, according to many researchers, is not yet complete. The era of change is affecting businesses that need to plan for and invest in their future. In a highly uncertain environ-ment, forecasting is difficult but necessary. Moreover, this should be done taking into account the peculiarities inherent in the present period of time – the high level of riskiness of investments, the innovative nature of the digital technologies used, and so on. Enterprises in the extractive and manufacturing industries are of key im-portance for the Russian economy. Their development and modernization are identified by the President of the Russian Federation V.V. Putin as a priority direction of the state policy. Putin has identified their development and modernization as a priority direction of state policy. Companies in Russia’s extractive and manufacturing industries have a high degree of wear and tear on machinery and equipment and need to upgrade them. In modern conditions, it is advisable to do it on an innovative basis, using digital technologies that allow to reduce transaction costs, level the influence of the human factor on some processes, increase the speed of product development and creation, etc. Currently, some Russian extractive and manufacturing companies are imple-menting various digital solutions, but in order to meet the Government’s objectives of import substitution, tech-nological sovereignty and digital transformation, the number of such companies must increase significantly. However, there are limitations to the incorporation of digital technologies in the activities of enterprises due to uncertainty and the risks it generates, the significant amount of investment required to implement projects for the development and modernization of enterprises using digital technologies, and the need not to increase the level of social tension in society. State support measures are aimed at overcoming these obstacles, the use of which, according to the authors of the article, will allow to solve not only the problems of enterprises using them, but also to transfer the developed technologies to other enterprises and other industries.