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EEU to support import-substituting cooperative production

The Eurasian Economic Union (EEU) will support import-substituting cooperative production. The decision was made by industry ministers of the countries of the union, press service of the Eurasian Economic Commission (EEC) reports.

The Russian President Vladimir Putin for the first time voiced the initiative to involve enterprises of the Eurasian «five» into the Russian program of import substitution at a meeting of the Supreme Eurasian Economic Council on May 31, 2016. After that, a list of technological trends which the Russian side needs, and potential contributors from the Union states, was formed. This list is updated regularly.

«Currently, difficulties often arise in implementation of import-substituting cooperation projects in EEU due to the lack of mechanisms to support them. Therefore, there is a need for policy decisions at the level of industry ministers,» said Alexander Subbotin, Minister for Industry and Agro-industrial Complex of the EEC.

He also added that it was advisable to create a common map of industrialization of EEU, which would help to match the most significant and promising projects of the union states. In the near future, the commission will deal with its detailed study.

Production of equipment for food and processing industry, elevator equipment, power engineering, chemical industry, and etc. are among the import-substituting cooperative areas that are currently developing in the EEU.