Major industries in the city include electronics and oil refining.
Ryazan has a reputation of being one Russia's electronics hubs. Around a quarter of the city's population is affected by the electronics industry. The most notable company in this sector is Plazma (company), which produces plasma screens for products including tanks and locomotives. In 1994, the company created a 50-50 research and development joint-venture with the South Korean company Orion PDP. Plazma's expertise helped Orion PDP become one of the world's leading manufacturers of plasma television panels. In addition to plasma technology, Plazma produces LCD screens, industrial gas lasers and medical lasers. The company exports its products to foreign countries, including to the United States, China and Israel.
Another key industry in the city is oil refining. The Ryazan Oil Refinery, owned by TNK-BP, is one of the city's largest employers. The plant can refine 17 million metric tons of oil per year.
The economy of Ryazan benefits from a large number of skilled engineers graduating from the State Radio technical University, and from the city's close proximity to Moscow, which can be reached in 90 minutes by car.
The strategic bomber base Dyagilevo is just west of the city, and the air base of Alexandrovo is to the southeast as is the Turlatovo Airport
