The United States is rapidly losing its primacy in the technological sector of the global economy and will no longer be able to stop China's development, Igor Sechin, Chief Executive Officer of Rosneft and Chairman of the Verona Eurasian Economic Forum, said. Rosneft CEO said that China, rather than the US, is now home to over 70% of the world's alternative energy equipment manufacturing capacity.

“The failure of the U.S. protectionist policy is obvious: in more than 6 years since the introduction of trade restrictions in the U.S., industrial production has declined, the share of labor employed in industry has fallen, and the trade deficit has grown significantly,” Igor Sechin said while speaking at the Special Session of the XVII Verona Eurasian Economic Forum. In the top ten largest American companies by market capitalization, only Tesla today has its own production in the United States, while the titans of American industry, such as Boeing and Intel, are in the deepest crisis - their market value has halved in five years.

“The reason is simple: by prioritizing the goal of improving financial results by reducing investment in new developments, companies stopped being high-tech and lost investors' confidence,” Igor Sechin said.

The American authorities tried to save the situation by introducing laws on inflation reduction and on chips and science. “However, as it is common to say in such cases, the ship has sailed! “According to a Financial Times investigation, in the first year of the Inflation Reduction Act, 40% of announced projects were suspended or canceled,” the head of Rosneft said.

Rosneft Information Division
Rosneft Oil Company
December 5, 2024