«Cooperative projects are not quite efficiently financed in the Eurasian Economic Union,» the Minister in charge of Industry and Agro-Industrial Complex of the Eurasian Economic Commission (EEC) Artak Kamalyan said at the 1st Eurasian Economic Forum in Bishkek.
According to him, there is not enough funding for such projects.
At the same time, Artak Kamalyan noted that the member countries of the EAEU worked very well together during the pandemic. The result was a drop in industrial production of less than 2 percent.
«In 2022, there was even an increase of more than 5 percent. An integration structure resistant to external shocks has been formed in the EAEU, but today we are forced to reconsider the role of the alliance in an unfavorable environment. We can develop further only under the conditions of «Strong union — strong business» system. EEC is engaged in creation of this system today,» he said.
Artak Kamalyan said that the Eurasian Economic Commission has been creating a business support system. In particular, work is underway in the field of industrial cooperation between the EAEU countries.
«This is digitalization, introduction of innovations, joint work in foreign markets. We believe that the opportunities that the states of the union have are not implemented effectively in full. The main reason is the lack of available funding sources. Those development institutions that the alliance has are not being used effectively enough. The issues of subsidizing, co-financing, involvement of the Eurasian Development Bank and the Eurasian Fund for Stabilization and Development in cooperation projects are very important. The EEC is ready to seek practical solutions to these issues,» he concluded.
