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Joint ventures in Nizhny Novgorod Region, projects and cooperation chains have enormous potential. In the current difficult geopolitical and economic environment, the objective of the Eurasian Economic Commission, jointly with the Region, is to make the best use of this potential to accomplish the objectives set by the leaders of the Eurasian Economic Union countries. This was stated by Mikhail Myasnikovich, Chairman of the EEC Board, at a meeting with Gleb Nikitin, Governor of Nizhny Novgorod Region.

As the Head of the EEC Board noted, the main purpose of his working visit was to consider practical possibilities for implementing the initiatives put forward by the Heads of the Union countries to extend cooperation in a number of industrial sectors - motor and aircraft industries, digitalization of the manufacturing industry, and microelectronics. It is in these industries that the enterprises of Nizhny Novgorod Region play a key role.

“I believe that our joint ventures, projects and cooperation chains have enormous potential: from projects in the agricultural sector, mechanical engineering, and the chemical industry to innovative scientific research results within technology parks and special economic areas. We should make the most use of the Eurasian integration potential. I mean the resource, scientific and production base for accomplishing the objectives set by our countries' leaders,” Mikhail Myasnikovich noted. 

He quoted some characteristic figures. For example, trade with the Union countries forms 16.6% of foreign trade turnover of Nizhny Novgorod Region. Along with that, 20.3% of goods are exported from Nizhny Novgorod Region to the EAEU States, and 9.1% of goods are imported from the EAEU. The volume of exports to the Union countries is 4.6 times higher than the volume of imports from them (1.3 bln US dollars compared to 290 mln US dollars).

Mikhail Myasnikovich assured Gleb Nikitin that the issues discussed with the business community of Nizhny Novgorod Region would be explored by the Commission's relevant units. Besides, he has added that under the current conditions, the Commission makes prompt decisions on the initiatives put forward by the Union States in the field of customs and tariff regulation, and a project fund and mechanisms for financing industrial cooperation projects are formed.

“I believe that our visit will serve as an additional impetus for implementing new objectives in the field of cooperation and import substitution development", Mikhail Myasnikovich said.

In turn, the Governor of Nizhny Novgorod Region has noted the high level of cooperation between Nizhny Novgorod Region and Armenia, Belarus, Kazakhstan and Kyrgyzstan, emphasizing that the supply of goods to each country has its own specific features.

“The Nizhny Novgorod pharmaceutical products, mechanical equipment, ground means of transportation and their components, fats and oils, and inorganic chemistry products enjoy strong demand in all four countries of the Union. We bet big on increasing trade and economic transactions with the EAEU States,” Gleb Nikitin noted. 

The Head of the Region has informed that they actively implement joint projects with the EAEU countries, emphasizing the high level of cooperation with the Republic of Belarus. In February 2023, a delegation headed by Belarusian Prime Minister Roman Golovchenko visited the Region and reached a number of significant arrangements on developing interaction.

Following the meeting, Mikhail Myasnikovich, Chairman of the EEC Board, presented Gleb Nikitin, Governor of Nizhny Novgorod Region, with a certificate of appreciation of the Eurasian Economic Commission for his active assistance in developing the Eurasian integration projects. 

It bears reminding that during the two-day visit, the Eurasian Economic Commission's delegation got acquainted with the activities of several IT companies, and held meetings with representatives of industrial enterprises.