Myasnikovich: EAEU needs to double capital investments

Mikhail Myasnikovich. File photo

MINSK, 16 June (BelTA) – The Eurasian Economic Union needs to at least double capital investments, Chairman of the Board of the Eurasian Economic Commission Mikhail Myasnikovich said at the 26th St. Petersburg International Economic Forum (SPIEF), BelTA has learned.

“In the past we proceeded from the general to the particular. Now there is an understanding that we need to turn this pyramid upside down and focus on the program-targeted approach, i.e. project cooperation. This topic has been a through line of all forums and events and is perceived with great interest by business. There is political will; there is a certain financial support. Plans are in place to designate appropriate funds to subsidize interest rates on integration projects. We need interesting integration projects with the participation of three or more states. In this situation, I see the key task as increasing capital investment. We need to at least double them,” Mikhail Myasnikovich said.

According to him, the share of bank lending in the investment structure is 15-17%, depending on a year. “I think there are sufficient reserves. The banking system, primarily commercial banks, need to invest more actively in new projects when it comes to technological sovereignty and other important tasks, including exports,” Mikhail Myasnikovich noted. He also drew attention to the fact that investments are mainly concentrated in the banking sector and trade, while in the manufacturing industry the situation is completely different, and needs to be rectified.