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The Eurasian Economic Union countries are significant contributors to the foreign trade relations of Nizhny Novgorod Region. As of year-end 2021 compared to the previous year, the total volume of exports from Nizhny Novgorod Region to the Union States increased by almost one and a half times (by 42.4%), and the total volume of imports from the EAEU countries grew by more than a third (by 35%). This was stated by Mikhail Myasnikovich, Chairman of the Board of the Eurasian Economic Commission, at a meeting with the business community of Nizhny Novgorod Region.

The Head of the Commission has noted that the general partners for Nizhny Novgorod Region are two EAEU countries: Belarus, which accounts for almost 70% of the Region's foreign trade turnover with the EAEU countries, and Kazakhstan - more than 20%. The share of Armenia and Kyrgyzstan is about 3%.

“But I believe that the Region's enterprises have significant potential to extend mutually beneficial cooperation with these EAEU countries' manufacturers", Mikhail Myasnikovich stressed. 

The Union countries show a strong interest in cooperation with Nizhny Novgorod innovation and technology companies in developing robotic systems, the textile industry, radio electronics, manufacture of construction equipment and materials, industrial tools, designing premises and shipboard equipment, woodworking and metal industries, manufacturing automobile and household chemical goods, and trade.

“Manufacturing high-tech small and medium-sized companies are growth points for the EAEU countries' economies. For their development, such enterprises need scientific research and specialized equipment, special competencies and additional support measures at the national and supranational levels. All these measures include technoparks – their services have long been in steady demand among innovation businesses in Russia and Belarus,” Mikhail Myasnikovich noted, also reporting on persistent efforts to develop innovation infrastructure for the EAEU enterprises and at the Commission's venue.

A separate conversation was held on import substitution and technological sovereignty, which are among the main objectives of the EAEU industrial policy.

“The Import and Import Substitution Center in Nizhny Novgorod can serve as a positive example for developing this direction. It can become a good platform to find partners for the Nizhny Novgorod enterprises in the EAEU and implement joint cooperative projects,” noted the Chairman of the EEC Board. 

Mikhail Myasnikovich has noted that a Commission was established at the EAEU level, which conducts systematic work to develop cooperation ties given the substitution of products the import of which into the Union makes up a significant part of the total imports.

“The EAEU Industrialization Map has been formed and posted on the Union's website, and today it encompasses 158 investment projects in 25 industries totaling more than 270 bln US dollars,” the Head of the EEC Board informed the conversation participants.

Mikhail Myasnikovich also noted the importance of removing barriers in the Union's common market to develop cooperation ties in terms of import substitution. According to him, for this purpose the Commission conducts a systematic survey of the EAEU countries' systemic companies to identify and remove barriers in the field of industrial cooperation.

“In order to support cooperative projects of our manufacturers, the Commission develops supranational financing mechanisms involving the Eurasian Development Bank,” Mikhail Myasnikovich added. 

According to the Chairman of the EEC Board, subsidizing interest rates on credits and loans granted to enterprises by financial organizations for cooperative projects in manufacturing industry is a new mechanism being developed by the Commission.

“The Presidents of the Union countries supported this Commission's initiative at the meeting of the Supreme Eurasian Economic Council held in December 2022. According to preliminary calculations, the established subsidy fund will provide project financing to the amount of about 16-17 bln rubles annually. We expect to start financing in 2024,” Mikhail Myasnikovich explained.

“This is where we count on the active involvement of the business community, which will enable forming a mechanism for the most comfortable work on cooperation,” emphasized the Chairman of the EEC Board. 

In conclusion, Mikhail Myasnikovich thanked the Government of Nizhny Novgorod Region and the business community for organizing the event and invited them to work together at the Commission's venue.