Bishkek, May 25, 2023. /Kabar/. “The Eurasian Economic Union is becoming an independent and self-sufficient pole of economic development, and it can independently meet the needs of participants in foreign economic activity,” President of Kyrgyzstan Sadyr Zhaparov said at the Plenary meeting of the II Eurasian Economic Forum (EEF) in Moscow, answering a moderator’s question regarding the development of Eurasian institutions and additional measures to support business initiatives.

Sadyr Zhaparov noted that the invariable priority of Kyrgyzstan in the Union is to strengthen the role of the Eurasian Economic Commission and the EAEU Court in terms of removing barriers in the internal market of the association.

“These institutions should become effective supranational bodies capable of quickly resolving disputes in the movement of goods,” he said.

The Kyrgyz president stressed that the Eurasian Economic Union is becoming an independent and self-sufficient pole of economic development and it can independently meet the needs of participants in foreign economic activity.

The head of state noted that the creation of the Eurasian Rating Agency, along with the elimination of restrictions faced by business entities (even in the internal market of the Union), would increase the level of financial independence of the countries of the Eurasian region and intensify investment activities.

Sadyr Zhaparov expressed confidence that protecting the interests of business and their support from the state is a priority task in all EAEU countries. In this regard, he proposed to work out the issue of establishing the institution of a business ombudsman in the Union. “The creation of such an institution contributes to strengthening the potential of business, taking into account opinions and protecting the rights of business entities. Ultimately, such an institution will help us minimize barriers in the internal market of the Union and form a mechanism for pre-trial resolution of emerging issues,” the president noted.

Regarding the second question of supporting businesses and societies of the Union countries, the President Zhaparovfocused on the fact that the main goals of the EAEU are to create conditions for the stable development of the economies of the member states in the interests of improving the living standards of their population, as well as comprehensive modernization, cooperation and increasing the competitiveness of national economics.

“In terms of business support, we all use various types and mechanisms of support at the national level. At the same time, due to their institutional and financial capabilities, the development of such institutions in each country is at a different stage of formation and development, and also varies greatly in terms of the volume and level of support provided. Therefore, the Union is developing various mechanisms for financial and non-financial support for businesses, including manufacturers and exporters,” Sadyr Zhaparov added.

The president is confident in the need to further expand the mechanism being created through stable sources of funding, including import customs duties. This tool can be used to support the implementation of projects in other areas of the economy, for example, in the development of transport and logistics infrastructure, the introduction of new technologies and innovations, as well as in the energy sector.

The head of state emphasized one more important aspect - the unification of the strategic planning systems of the member states in order to develop the necessary programs and projects.

In this regard, Sadyr Zhaparov considers it necessary to create a supranational development institution of the EAEU, which performs the functions of preparing, analytical support and financing of integration projects on the example of the Agency for Strategic Initiatives of the Russian Federation.

In turn, the EAEU Business Council, represented by the consolidating structure of the entire Eurasian business, should not only actively participate in all integration processes, but also actively put forward initiatives that are necessary to build the potential of our business circles.