25.02.2022 (Обновлено: 21.03.2022 11:56)

EAEU countries’ Prime Ministers considered state support tools for Union’s manufacturing industry

The Eurasian Intergovernmental Council’s meeting considered some tools of state support for the Eurasian Economic Union's manufacturing industry.

Promoting investment development is an important trend in providing state support measures in the EAEU. Nowadays, investments in the EAEU fixed capital are far below the global average and at year-end 2021 they amounted to 212.5 bln US dollars.

The EEC considers it necessary to significantly enhance the investment, increase the availability of financial resources for joint ventures and create motivational mechanisms for developing cooperation. The Commission has carried out a number of activities to develop mechanisms aimed at supporting investment projects.

As part of implementing the instructions given by the EAEU States’ Presidents, global trends in offering state support in regional integration associations have been studied, the main tools of state support in the EAEU countries have been analyzed and primary trends in this field have been identified.

After addressing possible options for converging state support measures, it was revealed that general trends in providing state support could be presented as the Eurasian industrial interests which would include already existing similar areas of state support and new ones corresponding to global trends. For example, they may include: assistance in promoting goods to foreign markets, increasing innovation activity of private sector, increasing investment attractiveness, SME development, green economy and digital transformation.

Given the relevance of converging tools and conditions of state support for the manufacturing industry, Artak Kamalyan, EEC Minister in charge of Industry and Agriculture, proposed to initiate the issue of exploring common Eurasian interests to support the industry. Their recognition would contribute to positive positioning of the Eurasian region on the global stage as well as increasing the efficiency of the EAEU industrial cooperation.