Each of the EEA countries is pursuing its industrial capacity to target the free circulation of goods in a single Union market. The share of EEA countries in exports of cooperative, intermediate goods has increased significantly over the past eight years. In Armenia, the figure rose from 2.9 to 13.1 per cent, in Kirgizia from 2.7 to 8.2 per cent, in Russia from 7.6 to 13.8 per cent, in Kazakhstan from 18.5 to 24.3 per cent, in Belarus from 25.7 to 50.1 per cent.

The Deputy Minister for Economic Development of Russia, Dmitri Volvac, said that during the session of the Eurasian Economic Forum in Yerevan on industrial cooperation in EEA. The discussion took place in anticipation of the meeting of the Eurasian Intergovernmental Commission, with the participation of Heads of Government of the EEA countries and observer States.

" Today, we have a unique opportunity to bring the industrial cooperation of the EEA countries to a new level, start new productions and investment projects, taking into account the competitive advantages and competences of each of the Eurasian Five countries, the Deputy Minister has emphasized. - There is a need to analyse which national measures in place to support industrial cooperation in our countries can be developed to implement similar measures at the level of supranational groupings. "

The challenge of creating a common space for cooperation between Dmitri Volvac has been identified as one of the major priorities for the development of EEA over the coming decades. Currently, the Eurasian Five countries are working to expand funding sources, improve tools and mechanisms to support joint industrial cooperation projects.

" On the one hand, the countries of the Union need to increase the funding and flexibility of the existing mechanism for financing industrial cooperation, and on the other, to develop financial support mechanisms for those areas and projects most in need of budgetary support, he noted. - It is important, however, that businesses be well aware of existing industrial cooperative arrangements, have the opportunity to apply and contact the Union ' s enterprises promptly for cooperation. "

Digital portals on the website of the Eurasian Economic Commission, he said, could provide business community support for the search and establishment of new contacts for cooperation. " For example, the EEA Industrialization Map, which so far includes 158 projects in 32 industries worth more than $240 billion, could be more interactive and business-friendly, proposed by Dmitri Volvac. - To enable entrepreneurs from the Union, through the map, not only to post information on their production but also to send specific requests and proposals for cooperation, establish contact between the Union ' s interested enterprises and enter into contracts. "

Among the most effective mechanisms for supporting industrial cooperation, he identified three main instruments: the new supranational mechanism for financing industrial cooperative projects from the EEA budget launched this year, the activities of the Eurasian reinsurance company, which would support the trade between and outside of EEA in excess of 361 billion roubles and provide a single insurance environment for joint products of the Union countries, as well as support from the Eurasian Bank.

" Unliquidated funding for EBB has achieved significant annual investment growth to $1.8 billion. Nearly half of the projects are financed in national currency, the world ' s best share of international financial organizations. I believe that the ECE and the EBU need to join forces to further strengthen cooperation in the Union " , concluded by Dmitry Volvac.

Source: www.economy.gov.ru

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