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This was stated by Gohar Barseghyan, Minister in charge of Industry and Agriculture of the Eurasian Economic Commission, opening the round table Industrial cooperation in the EAEU: Business Ideas and Support Mechanisms on the sidelines of the Eurasian Economic Forum in Yerevan.

The discussion was attended by representatives of the Eurasian Economic Commission, relevant ministries and agencies of the EAEU countries, financial organizations, leading industry enterprises and business entities.

The real sector is the foundation of economic stability of the Eurasian Economic Union Member States," Gohar Barseghyan said. "The key processes of integration interaction are built around it. It is no coincidence that one of the key tasks for us is the development of mechanisms to support industrial cooperation."

The Minister noted that in order to build production chains between the regions of the Member States and attract mutual investments, the EAEU has a number of important advantages that should be leveraged. This is the availability of a common market, the possibility of choosing a jurisdiction, logistical accessibility, development of transport infrastructure, the possibility of creating logistics corridors and hubs, joint clusters and technology parks.

"To all these advantages we have added a supranational mechanism of financial support for industrial cooperation projects, which allows us to solve the problem of high cost of borrowed funds," Gohar Barseghyan noted. "With its launch, businesses of our countries received a new impetus for technological development, creation of new production models, expansion of trade and economic ties, as well as increased mutual investments." 

Gohar Barseghyan told about the Commission's systematic work on informing businesses and financial organizations about the conditions for participation in the new mechanism and providing advisory support when developing project initiatives.

"Active work on leveraging the potential of interregional cooperation is underway and proposals are being addressed locally," Gohar Barseghyan emphasized. "So far these are only business ideas, but I am sure that with joint effort we will be able to implement them as projects." 

The EEC Minister called on representatives of businesses, business associations and relevant ministries of the Union countries to take an active part in the practical implementation of the new supranational instrument.

The discussion also focused on the role of regional governments in supporting industrial cooperation, business problems in implementing inter-country projects in the real sector, experience of banks and funds investing in joint production, as well as industrial clusters as points of growth.