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18 Aug 2020

EAEU Council on Industrial Policy to convene for meeting in autumn

EAEU Council on Industrial Policy to convene for meeting in autumn
Photo courtesy of the EEC

MOSCOW, 18 August (BelTA) - The next meeting of the Council on Industrial Policy of the Eurasian Economic Union (EAEU) will be held in the autumn, the press service of the Eurasian Economic Commission (EEC) told BelTA after a meeting between Member of the Board – Minister in charge of Industry and Agriculture of the Eurasian Economic Commission Artak Kamalyan and Russian Minister of Industry and Trade Denis Manturov.

The parties discussed the status of implementation of the interstate programs and projects in the Eurasian Economic Union (EAEU), the development of modern digital and innovative industrial infrastructure, and import substitution projects. The parties confirmed the importance of adopting a new strategic document in the industry for the medium term - the main areas of industrial cooperation until 2025. “This document lays out four main strategic priorities in the EAEU: maximizing the potential of the common industrial market, joint work in export markets, promoting industrial integration, innovative cooperation and digitalization of industry,” Artak Kamalyan said.

The parties also discussed the implementation of the Eurasian Economic Union industrialization map, which will become a tool to coordinate the actions of the member states on import substitution issues. It is expected that the document will map out import-dependent technological sectors, import-replacement industrial capacity of the member states, the industrial projects and cooperation ties in the EAEU. This will allow the countries to avoid duplicating the manufactures in the EAEU and to develop industry specialization. Now the document already includes about 180 large projects with a volume of investments at $200 billion.

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