EDB and Eurasian Business Council Establish Strategic Partnership

Almaty, 24 September 2009. On Thursday, Igor Finogenov, Chairman of the EDB Executive Board, and Oleg Soskovets, Chairman of the Co-ordinating Council of the of the Non-commercial Partnership on the Development of Trade and Economic Co-operation Eurasian Business Council, signed a Memorandum on Co-operation. The signing ceremony was held as part of the Investment Forum Customs Union: EurAsEC’s Integration Breakthrough in Almaty. The purpose of this document is establish a strategic partnership in implementing joint medium and long-term investment projects in Eurasia aimed at infrastructure development, increasing the output of high-end products with a high value added, and creating new jobs.

The parties outlined their common interests in identifying promising projects in EurAsEC and the forms, terms and timeframes of implementing them, and the sources and procedures of financing. The parties also agreed to create favourable conditions for implementing these projects by exchanging information and providing organisational, legal and other support for negotiations and investments.

The Eurasian Business Council was founded by the EurAsEC Integration Committee, the Russian Chamber of Industry and Trade, the Russian Alliance of Manufacturers and Businesspeople, and the Association of Financial and Industrial Groups of Russia in order to foster the development of trade and economic co-operation between EurAsEC countries, establish direct links between companies from these countries, and encourage business circles to assist integration in EurAsEC.