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EEC and EDB identified key directions of cooperation in manufacturing industry

EEC and EDB identified key directions of cooperation in manufacturing industry


Cooperation between the EEC and the EDB in the industrial sector was discussed at a meeting at the EEC’s headquarters by Artak Kamalyan, Member of the Board – Minister in charge of Industry and Agriculture of the Eurasian Economic Commission, and Nikolay Podguzov, Chairman of the Board of the Eurasian Development Bank. In particular, they have considered projects in the field of import substitution, financing the Eurasian interstate programs and applying measures to support manufacturing facilities in the Eurasian Economic Union.

The meeting attendees have decided that the Commission and the EDB will focus their efforts on cooperative projects of the industrialization map as well as agriculture development map in the EAEU. The industrialization map includes 177 major investment projects in manufacturing industries amounting to 195 bln US dollars and the agriculture map includes more than 100 major investment and innovation projects amounting to about 10 bln US dollars.

Artak Kamalyan has invited the EDB to take part in financing innovative projects on the basis of interstate programs formed by the Commission. In particular, the meeting has discussed the first pilot interstate program in the field of the Earth remote sensing and the draft interstate program to improve the efficiency and reliability of energy facilities.

We are constantly working on creating and implementing new tools and mechanisms for cooperation in industries to develop industrial integration and cooperation between small and medium-sized enterprises," the EEC Minister Artak Kamalyan noted. "I am convinced that joint financing and implementing interstate programs will contribute to increasing innovation activities in the industrial complexes of our countries."

It was decided to diligently draft jointly with the EAEU countries the possibility of including the Eurasian Development Bank in the Member States’ government programs, providing support measures for implementing projects in the manufacturing industry and the agricultural sector.

Today, we have identified key directions of long term cooperation, this includes work on a pool of cooperative projects for financing, including creating wholesale distribution centers in the food sector, cooperation in the aircraft industry, developing preferential mechanisms to support business initiatives and the availability of criteria for financing integration projects," the EEC Minister concluded.​