Russia, Belarus can ramp up industrial production by at least 50% - EEC minister

MINSK. June 21 (Interfax) - Belarus and Russia have enough production capacity to increase industrial production by 50% or more, Eurasian Economic Commission (EEC) Minister for Integration and Macroeconomics Sergei Glazyev said.

"The current situation related to the erection of barriers on the part of European Union countries opens up plenty of room for us to ramp up production, increase economic activity. According to estimates, existing production capacity in Belarus and Russia make it possible to increase output of industrial products by at least 50%," Glazyev was quoted as saying by newspaper SB. Belarus Segodnya.

He said import substitution in the next two or three years "is becoming the biggest priority prospective area of our joint activities."

"The fact that the Eurasian Economic Commission, we hope, will be authorized to work with the governments of countries in this direction will become a continuation of our work to implement strategic avenues of development of Eurasian economic integration to 2025, where issues of developing cooperation, joint projects and innovation have been singled out as priorities," Glazyev said.