Proposal to offer new tools to encourage creation of transnational companies in EAEU

MOSCOW, 19 August (BelTA) – Large-scale profit-driven projects should become drivers of economic growth in the Eurasian Economic Union (EAEU), Chairman of the Board of the Eurasian Economic Commission (EEC) Mikhail Myasnikovich said at the third Kyrgyzstan-Russia business forum “New Challenges and Opportunities for Business Partnership in the EAEU” that took place in Cholpon-Ata, Kyrgyzstan in the run-up to the meeting of the Eurasian Intergovernmental Council, BelTA learned from the press service of the EEC.

“The EEC proposed to work out new incentives to encourage the creation of joint ventures - Eurasian transnational companies. This can be done through the commission's participation in financing such projects by the Eurasian Development Bank (EDB), the use of resources of the Eurasian Fund for Stabilization and Development (EFSD) and the mechanism of interstate programs and projects,” the press service said.

Mikhail Myasnikovich welcomed positive trends in the EAEU economy this year. In H1 2021, the industrial output in the EAEU as a whole rose by 4.4%, the processing industry expanded by 6.5%, consumer demand increased by more than 9%, the number of unemployed halved. Mutual commodity trade leaped by 31.9%. Cooperative supplies between the EAEU member states grew by 25%.

According to Mikhail Myasnikovich, the EEC deems it necessary to create conditions for the joint entry of Eurasian businesses into foreign markets. In H1 2021, foreign trade grew by 24.5%, however, Mikhail Myasnikovich believes that this is not enough: the EAEU’s foreign trade still accounts for about 2% of global trade.