ArmBanks.am (Yerevan) Dmitry Pankin: EDB member countries need to adjust their economic and social policies to ensure sustainable growth
He believes that the main task is to create conditions to accelerate growth in investment in high value-added production.
«Improved labour productivity should become the only factor for increases in households' real income. The most vulnerable population groups should be supported with targeted social programmes. Income, which is not associated with improved labour productivity and which is formed through relative price advantages from trade in foreign markets, especially in energy carriers, should be used to accumulate national savings and finance core infrastructure and structural reform, including targeted support for the poorest population groups», Dmitry Pankin concluded.
At Interactive Dialogue 3 «Fostering sustainable economic growth, transformation and promoting sustainable consumption and production,» the head of EDB stated that, «the necessary condition to achieve sustainable economic growth in the countries and their all-round cooperation is the harmonious development of trans-boundary infrastructure, the power sector, and the capacity of industrial centres. These are the areas, which should be priorities for investments by development institutions».
At the 70th Session of the United Nations General Assembly Dmitry Pankin met with Li Yong, Director General of the United Nations Industrial Development Organisation (UNIDO). At the meeting the parties agreed that efforts needed to be pooled to fulfil the sustainable development goals in the Bank's member states. In particular, they discussed collaboration in industrialisation, industrial cooperation and infrastructure projects, as well as in investment projects.
Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. The charter capital of EDB exceeds US $1.5 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.