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The EEC Minister Timur Zhaksylykov noted the relevance of promoting regional cooperation as an important factor for increasing competitiveness of the countries

The EEC Minister Timur Zhaksylykov noted the relevance of promoting regional cooperation as an important factor for increasing competitiveness of the countries

6/19/2017

The countries of the Eurasian Economic Union (EAEU) face critical challenges to improve the competitiveness and the quality of economic growth, to carry out structural and technological modernization of economies, to reduce dependence on the world primary commodity markets. This opinion was expressed by the Member of the Board - Minister in charge of Economy and Financial Policy of the Eurasian Economic Commission (EEC), Timur Zhaksylykov, speaking at the high-level special session of "Improving the investment climate in Kazakhstan and increasing international competitiveness of Central Asia" within Astana Economic Forum. 

"It is clear that the backbone of the economic policies of the Member States of the Eurasian Economic Union should be stimulation of innovation activity, creation of high value added production facilities," the EEC Minister believes. 

In this regard, the countries of the Union are making many efforts. In particular, in the industrial sector, in September 2015, the Heads of the Governments adopted the Main Directions of Industrial Cooperation within the EAEU. The purpose of this policy paper is deepening cooperative interaction, conducting innovative modernization of existing production facilities, developing new kinds of competitive export-oriented products that will become the basis for the formation of the innovation economy of the Union Member States. In addition, the EAEU countries are moving actively to the formation of the common transport and energy space.

According to the EEC Minister, successful fulfilment of these tasks is impossible without intensifying investment policy. "The only investments to technological innovation, development of high-tech industries, creation of developed infrastructure, priority development of the “economy of knowledge” will enable us to accelerate social and economic development, to improve competitiveness of the states," Timur Zhaksylykov stated.   

In this regard, as noted by Timur Zhaksylykov, it is increasingly important to shape a relevant financial mechanism that will ensure sustainable economic growth of the EAEU countries, stabilize the macroeconomic situation and implement innovative breakthrough in development. 

The EEC Minister recalled that in 2025 a common financial market within the EAEU should be launched. Already today, the Commission, together with the Member States, is working on the harmonization of national laws in the area of financial market, as well as developing proposals for the formation of key segments of the common financial market. This market will expand opportunities of crediting the real sector of the EAEU economy, enhance investment cooperation, and increase business activity. 

On the instructions of the Heads of the EAEU Member States, the Eurasian Economic Commission, together with the Governments and the national, central banks of the Member States is in the process of preparing the Concept for developing a common financial market. The document will reflect the goals, principles, objectives, expected results and main directions of developing a common financial market, including the order of its management, monitoring the activities of its participants, provision of mutual access, establishment of a common exchange space, etc. In addition, the Concept will enshrine the functions of the supranational body for regulation of the common financial market, describe the issues of administrative cooperation. "Formation by the EAEU Member States of agreed approaches in implementing economic policy will contribute to fulfilment of the tasks for modernization of the national economies of the Union countries, intensification of innovative cooperation, introduction of new technologies and, as a consequence, increase of the competitiveness of the EAEU Member States,” Timur Zhaksylykov believes.