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10 October 2019, 18:11

EAEU to set up industrial zone in Egypt

MOSCOW, 10 October (BelTA) – The Industrial Policy Council of the Eurasian Economic Union (EAEU) has decided to build joint industrial infrastructure in the territory of third countries. The first project will provide for building the EAEU industrial infrastructure in the Russian industrial zone in Egypt, BelTA learned from the press service of the Eurasian Economic Commission (EEC).

“Registering the EAEU companies in the Russian industrial zone will become the first large-scale EAEU project to enter third markets jointly,” EEC Member of the Board (Minister) for Industry and Agribusiness Aleksandr Subbotin said.

Moreover, the Industrial Policy Council initiated the development of a new Eurasian interstate program to improve efficiency and security of energy facilities in the EAEU. The interstate program will boost technological development of the EAEU energy industry, help ensure energy security and independence and make competitive mechanical engineering products. The program will also aim to reduce technological risks in the EAEU power industry.

The participants of the meeting also discussed a concept of the main areas of industrial cooperation between the EAEU member states for 2020-2025. The EEC Industrial Policy Department is drafting the concept in association with the EAEU experts. “We are working on a set of goals. They include assessing the EAEU industrial sectors, putting forward proposals on the areas of cooperation, and setting up centers of competence in the EAEU,” Aleksandr Subbotin noted.

The session of the Industrial Policy Council was held on the sidelines of the Big Industrial Week exhibition in Cairo. Taking part in the session were Belarus' Industry Minister Pavel Utyupin, Armenia Minister of Economy Tigran Khachatryan, Kazakhstan Minister of Industry and Infrastructural Development Beibut Atamkulov, Chairperson of Kyrgyzstan State Committee on Industry, Energy and Subsoil Use Emil Osmonbetov, and Russia Minister of Industry and Trade Denis Manturov.

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