Russia, Kazakhstan, Belarus launch investment projects in engineering sector - EEC

MINSK. June 26 (Interfax) - Russia and Kazakhstan, with the participation of Belarusian companies, have launched two pilot projects in the railway and agricultural engineering sectors with the help of a new Eurasian Economic Union (EAEU) funding mechanism, Eurasian Economic Commission (EEC) Industry and Agroindustry Minister Gohar Barseghyan said at the Eurasian Economic Forum taking place in Minsk.

"The EAEU has launched a new funding mechanism for cooperative projects. This is a real support measure for industrial cooperation. The first two projects to have been granted approval are in the railway and agricultural engineering sectors in Russia and Kazakhstan, with the participation of Belarusian companies," Barseghyan is quoted as saying by Belarusian state news agency BelTA.

She said that the EEC was reviewing five more new international projects involving EAEU member states. "This includes the railway engineering sector, because this is a very sensitive area for all states, as well as elevator equipment manufacturing, light industry and others. The new mechanism is in the interests of businesses," she said.

"It is essential that we use this first trial to find new support measures and make decisions on them, because all EAEU states really need this. In today's world, the situation changes very quickly, and it is only together that we can overcome new challenges - first and foremost, by developing industrial cooperation," Barseghyan said.

Barseghyan also said that the EEC was creating an internet portal dedicated to industry, where information on needs and opportunities in each EAEU state will be posted. This should expand business partnerships and industrial cooperation within the union.