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EEC is preparing measures to support industrial projects of the Union countries

EEC is preparing measures to support industrial projects of the Union countries

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1/26/2021

The EEC, jointly with the countries of the Eurasian Economic Union, is preparing a list of cooperation projects for their possible financing by the Eurasian Development Bank. This and some other measures to support the EAEU's industrial projects were discussed in the Commission at a meeting chaired by Nikolay Kushnarev, Director of the EEC Industrial Policy Department.

The event was attended by representatives of the Ministries of Industry, Chambers of Commerce and Industry of the Eurasian Economic Union states, the Eurasian Development Bank, as well as several enterprises of the Union countries, including KZ Rostselmash OOO, Peterburgsky Traktorny Zavod JSC, Kazrost LLP, and Kostanay Tractor Plant.

The meeting was a continuation of the December conference of the Commission with the participation of the heads of the Chambers of Commerce and Industry of the Union countries, dedicated to tools for supporting cooperation in the EAEU, in particular, the development of measures for preferential financing of industrial cooperation by the Eurasian Development Bank.

The national industrial departments of the EAEU countries have been invited to prepare a list of cooperation projects for possible financing by the EDB. Industrial enterprises – potential participants in such projects – will be provided with concessional financing of their capital outlays, and the meeting participants believe that this will be a real incentive for cooperation.

As part of supporting investment projects, it is also proposed to provide R&D subsidies. This will enable developing the advanced innovative companies on a priority basis.

Another key measure could be concessional funding of the Union's national leasing and credit organizations at the expense of the EDB. It will help create more favorable conditions for consumers to purchase equipment and maintain demand for allied products.

The business community invited the Eurasian Development Bank to participate in promoting jointly manufactured products in the markets of third countries.

“We propose to focus on joint manufacturing as pilot projects for financing by the EDB,” Nikolay Kushnarev noted in his speech.  "The issue of cooperation projects was discussed at a meeting with the President of the Russian Federation and mentioned in the address by the President of the Republic of Kazakhstan. The next step will be to determine and work out the criteria for cooperation."

Following the meeting outcomes, it was decided to continue joint work on a regular basis to promote the initiatives of the chambers of the EAEU countries.​