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17.03.2023 (Обновлено: 21.03.2023 12:46)

Mikhail Myasnikovich: "New investment cooperation mechanisms are of primary importance for EAEU development"

Mikhail Myasnikovich, Chairman of the Board of the Eurasian Economic Commission, speaking at the International Economic Forum of the Commonwealth of Independent States urged for greater investment cooperation in the Eurasian Economic Union and for creation of robust Eurasian companies.

"Mutual investment makes the most substantial contribution to GDP of the EAEU countries," stressed the Head of the EEC Board. "Therefore, the existing amount of fixed capital investment, which is 17–18% of GDP, should be at least twice as much; notably, the state might be an active investor along with private businesses."

The Chairman of the EEC Board indicated positive effects of the Eurasian economic integration. "Over the period from 2015 to 2022, the mutual trade volume of the Union States increased 1.8 times," noted Mikhail Myasnikovich. "At the same time, positive trends are also observed in trade cooperation with third countries that grew 1.7 times."

The Chairman of the EEC Board said that "the key area of the Union's sustainable development is dramatic acceleration of industrial production processes and establishment of the EAEU industrial clusters."

Among promising Eurasian integration areas he named the objective to ensure food security of the EAEU countries. "The Eurasian Five countries have a high level of 94% of domestic market supply provided by our own production," noted the Chairman of the EEC Board. He also highlighted that the balances of production and consumption of agricultural and food products demonstrated not only the need to increase production volumes but also to manage them rationally.

Moreover, Mikhail Myasnikovich stressed the importance of constructive interaction between the EAEU, CIS, SCO and BRICS that will be one of the key topics at the 2nd Eurasian Economic Forum to be held on May 24–25 in Moscow.

For reference

The CIS International Economic Forum is a reputable annual platform for an open dialog between entrepreneurs and representatives of public authorities of the CIS countries. This year, the Forum theme is Dialog of Integrations: CIS, EAEU, SCO, BRICS.

The Forum is attended by Vice Prime Ministers of the CIS countries, executives and deputy ministers in the field of economic development, finance, industry and trade, representatives of authorities, Chambers of Commerce, industry associations and banking communities.