EAEU states need to create joint companies to decrease sanctions pressure - Eurasian Economic Commission head

ALMATY. Oct 14 (Interfax) - The countries of the Eurasian Economic Union (EAEU) need to create joint companies in order to reduce sanctions pressure, Mikhail Myasnikovich, chairman of the board of the Eurasian Economic Commission (EEC), said.

"We've arrived at the point that it is necessary to incentivize the creation of joint companies, as some have the intellectual capacities, someone has those of commodities, and efforts need to be united. We deem that interest rates on loans need to be seriously subsidized. This issue has been worked through by the commission, and there are plans to discuss it as soon as next week within the framework of the meeting of the Eurasian Intergovernmental Council," Myasnikovich was quoted as saying in an EEC statement during a visit to Astana.

Countries have begun to undertake measures to protect their domestic markets due to unprecedented sanctions pressure that damages the economic entities of partner states, and one option to solve the problem is to create joint companies, he said.

Integration projects will be considered those with participants from at least three states, the statement said.

"Counter-obstacles spring up, and mutual grievance pile up. It would be nice to stem the tide of these centrifugal tendencies, so that we can strive through joint efforts to fashion the market without obstacles," Myasnikovich said.

Similar enterprises could solve issues concerning the implementation of difficult hi-tech projects in EAEU states, for example, in the sphere of microelectronics, he said.