MINSK, 21 March (BelTA) - Belarus is initiating the development of an import substitution program within the Eurasian Economic Union (EAEU), Belarus’ Deputy Economy Minister Alesya Abramenko said during the roundtable “The Future of the EAEU: Belarus at the Forefront of Integration Processes. Belarus’ Presidency in the EAEU Bodies” held at BelTA’s press center.
"In the address to the heads of the EAEU member states as part of our country's presidency in the EAEU, the Belarusian president identified the development of new import-substituting industries as one of the most important goals. Our country is initiating the development of the EAEU draft import substitution program in 2025," Alesya Abramenko stated.
She stressed that the manufacturing industry serves as the driving force of economic development in virtually all member states. In 2023, the Treaty on the Eurasian Economic Union of 29 May 2014 was amended to encourage industrial cooperation. According to the new provisions of the treaty, the Eurasian Economic Commission is empowered to reimburse part of the interest rate (equivalent to the refinancing rate of central banks) on loans obtained by business entities to implement cooperative industrial projects from the EAEU budget. At the end of 2023, the Supreme Eurasian Economic Council approved the regulations for selecting joint cooperative projects in industrial sectors and providing financial assistance to implement them by EAEU member states. By 2024, interested business structures have begun to use these opportunities.
On 22 January 2025 the Eurasian Economic Commission Council approved funding for two cooperative projects. The first one is set to establish production facilities at Murom Switch Plant, Russia to manufacture switch products for the construction of the Moscow-St. Petersburg high-speed railway. The second project includes the organization of agricultural machinery production at the private company Kazrost Engineering, Kazakhstan. Belarusian manufacturers are participating in both projects.
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