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We should form the EAEU industrial policy with the view of satisfying consumer demand for new and more complex goods.

We should form the EAEU industrial policy with the view of satisfying consumer demand for new and more complex goods.

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11/6/2019

The industry of the Eurasian Economic Union (EAEU) countries should keep pace with the global industrialization process. The above conclusion was made by Nikolai Kushnarev, Director of the Industrial Policy Department of the Eurasian Economic Commission (EEC), following his participation in the 18th session of the United Nations General Conference on Industrial Cooperation (UNIDO) held in Abu Dhabi (United Arab Emirates) on November 3 - 7.

According to UNIDO, the share of manufacturing industry in real GDP comes to about 16%, and in the EAEU countries only to 12%. "At the same time, it is in the manufacturing industry that creates new industrial goods to ensure the countries' technological development. We need to develop the industrial policy with the view of satisfying consumer demand for new and more complex products," the director of the Department said.

The EEC representative also noted the importance of the issue of developing the export of manufacturing industry goods discussed at the forum.

Nikolai Kushnarev believes that orientation to domestic consumption remains the main driver of final demand in the EAEU countries' manufacturing industry. At the same time, economies with developed industries mainly rely on external demand by increasing the technological component of exports and improving product quality.

For reference

 The United Nations Industrial Development Organization (UNIDO) is a specialized agency of the United Nations that promotes industrial development for poverty reduction, inclusive globalization, and environmental sustainability.

As of April 1, 2019, UNIDO includes 170 member-states. They regularly discuss and determine the organization's guidelines and policies at the sessions of policy-making bodies.

This year, the theme of the General Conference was as follows: "Industry - 2030. Innovate. Connect. Transform our Future". The conference included discussions on various aspects of industrial development, in particular, the UNIDO country partnership program, for accelerating sustainable industrial development.​