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» » In Bishkek, an international economic forum was held

In Bishkek, an international economic forum was held

A regular meeting of the Presidium of the Business Council of Eurasian Economic Union was held on April 25, 2017 in Bishkek within the framework of International Economic Forum “Development of Economic Belt Silk Road – intense cooperation”. The meeting was lead by the Chairman of the Presidium, the president of the Union of Industrialists and Entrepreneurs of the Kyrgyz Republic Z.K. Sagynbaev.

A.V. Murychev, Executive Vice-President of RSPP, Chairman of the Coordinating Council of FBA EAC, also took part in the Forum.

A.V. Murychev reminded about the forthcoming second anniversary of the Chinese-Russian joint declaration on cooperation for conjunction development of the Eurasian Economic Union and the Economic Belt Silk Road.

The Economic Belt Silk Road is a complex of platforms, institutions and instruments to facilitate integration and economic growth in the Eurasian countries. For example the New Bank of BRICS during its first year financed 5 projects in Eurasia for the total amount of USD 1 billion. Asian Infrastructure Investment Bank is conducting 9 joint projects for the total amount of USD 12.2 billion. And the AIIB investment share is USD 1.73 billion.

The Silk Road Fund has also launched investing program for the amount of USD 40 billion. For example last year it was agreed that the Fund would purchase 10% of Sibur – the largest Russian oil and gas company.

The Universal Commodity Exchange – Eurasian Cooperation is also increasing its activity as a single electronic system. Its task is to ensure a single exchange platform with an equal access for all the trading participants and to provide the exchange business with all the necessary instruments. There are no limits as to jurisdiction of the trading participants or types of exchange commodities. Deals with clearing in basic world currencies are made here during one operational day.

In 2016 deals for the amount of more that RUB 1 billion were conducted in the Clearing Center of the Exchange in Centercredit Bank (Kazakhstan). Partners of the Exchange are from Russia, Kazakhstan, Great Britain, Hong Kong, Bulgaria, Moldova, Slovenia, Belorussia, Tajikistan, Austria, Poland.

Another project is the Association of EXIM-banks under the auspices of the Expanded Tumangang Incentive. The Association unites Vnesheconombank, Mongolia Development Bank and EXIM-banks of Korea and China. Since the institutes work on a repayment basis and are not charitable organizations, the quality of projects is very important for them.

Mr. Murychev also stressed that the investment hunger of Asia can not be fully satisfied by the resources of state and interstate financial institutes. According to international assessments Asia needs investments in the amount of USD 8.22 trillion to finance urgent infrastructure projects until 2020. Private investments are necessary, but they demand better investment climate, clear regulations, government and political risk management. There should be effective cooperation of governments, businesses and experts which are involved in the EAEU and Economic Belt Silk Road project.

The EAEU Business Council is seeking ways to cooperate with China business society and first of all with our partner – Chinese Committee on International Trade. A special body consisting of governmental representatives, non-governmental associations of entrepreneurs and experts from China and EAE could facilitate projects launch and implementation.

Also such body could address such problems as technical standards, administrative and customs barriers, etc.

Without solving these problems added value cross-border chains are impossible.

Mr. Murychev also paid attention to the Russian project on transport corridors, which could assist in the conjunction process. At the end of the last year Government of the Russian Federation approved a Concept on the development of international transport corridors “Primorye-1” and “Primorye-2”. The Concept includes targets and projects to create a stable transport system in the region. The project could also facilitate the conjunction process. All our partners are welcome to participate.

This post is also available in Russian: В Бишкеке прошёл международный экономический форум