The Russian Ministry of Industry and Trade is collaborating with investors to develop approximately 20 rare and rare earth metal (REM) projects. Industry and Trade Minister Anton Alikhanov stated that they are promoting the development of 24 REM product chains to meet the demand for metallurgy and specialty alloys. Additionally, they are collaborating with potential investors to develop around 24 projects aimed at increasing Russia's REM production sevenfold. Russian President Vladimir Putin previously announced that Russia plans to increase the production of new materials based on REM and invited foreign partners to participate in joint research on REM. Currently, Russia still needs to import approximately 75% of its REM, but it plans to reduce imports to 45% by 2030 and achieve a production level of 50,000 mt. Furthermore, the Ministry of Industry and Trade is working with the Ministry of Finance to formulate tax incentives to support the development of such projects.