Consortium of development institutions set up in EAEU

An agreement on the development of a consortium of development institutions of the Eurasian Economic Union (EAEU) was signed on the sidelines of the Eurasian Intergovernmental Council in Sochi on 8 June, BelTA learned from the press service of the Eurasian Economic Commission (EEC).

“The consortium of development institutions has been set up without forming a legal entity in order to combine efforts to develop Eurasian economic integration, promote the economic growth of the Eurasian states and increase investment activity in the regions,” the EEC said.

Currently, the consortium includes the Strategic Development Center of Armenia, the National Institute for Strategic Studies under the President of Kyrgyzstan, and the Russian Agency for Strategic Initiatives to Promote New Projects. According to the EEC, the development institutions of Belarus, Uzbekistan and Tajikistan also expressed their interest in cooperation with the consortium.

“Joint work of the EAEU development institutions in the format of the consortium will help them exchange the best practices and form common methodological principles of investment activities in the regions. I am sure that thanks to the work of the consortium the investment climate in the EAEU regions will improve, cooperative ties will actively develop to eventually produce a positive impact on the development of the economy and social sector in the EAEU countries,” Sergei Glazyev, member of the Board (Minister) on Integration and Macroeconomics of the Eurasian Economic Commission, said.

The issue of setting up a development institution in the EAEU was initiated by Kyrgyzstan in 2018 and conceptually reflected in the Declaration on further development of integration processes within the Eurasian Economic Union (adopted at the meeting of the Supreme Eurasian Economic Council on 6 December 2018) and the strategic development areas of Eurasian economic integration through 2025.

Written by belta.by