BAKU, Azerbaijan, August 7. The mechanism for financing joint industrial projects within the Eurasian Economic Union (EAEU) requires further revision.
This was announced by Belarusian Prime Minister Alexander Turchin at an expanded meeting of the Eurasian Intergovernmental Council.
According to Turchin, the mechanism for financing industrial cooperation projects, which has been in effect since July 2024, has not yet fully realized its potential.
"Two years of practical application have shown that this instrument has not yet fully realized its potential. This means that this mechanism has flaws and gaps that hinder its widespread use by economic entities in our countries," he said.
The prime minister noted that the requirements for the participation of companies from several EAEU member states, as well as certain financial conditions, remain among the factors limiting the mechanism's application.
He also focused on the lengthy application review process.
"The lengthy application review process is detrimental to the country's attractiveness. During this time, any single Belarusian bank opens dozens of credit lines for investment projects," Turchin pointed out.
According to him, over the past two years, only six applications have been approved under the mechanism, despite the availability of financial support.
"The subsidy budget has reached almost 9 billion Russian rubles. We cannot spend it," he announced.
Turchin proposed that the Eurasian Economic Commission conduct a further analysis of the conditions for supporting industrial cooperation, taking into account proposals from market participants.
He noted that a similar approach should be applied to projects in the agro-industrial complex.
"If we don't want to waste our efforts and resources, and strive to be effective and competitive in the domestic and international markets, we need to take a serious look at industrial cooperation and launch it at full capacity," the prime minister emphasized.
Turchin placed special emphasis on developing scientific and technical cooperation, noting the need to create collective instruments to support research and development.
"In the current context of rapid development, without strong scientific support, the state is doomed to lag completely behind. We clearly need collective instruments that stimulate R&D and ensure access to advanced technologies," he said.
Speaking about the external framework of the EAEU, Turchin highlighted the importance of further developing trade and economic cooperation with third countries. He praised the work on concluding free trade agreements with Indonesia, the UAE, Iran, and Mongolia, and stressed the need to continue moving in this direction.
