EDB studies development and integration processes in the mechanical engineering sectors of its member states
Almaty, 20 December 2012. Imports from third countries account for 70% to 90% of all mechanical engineering products sold in the EDB member states and this figure keeps growing. This is a conclusion made in Eurasian Development Bank’s (EDB) industry report Developing Mechanical Engineering in the EDB Member States. The authors of the report believe that the main reason for this is the low technological level and low efficiency of production. Average labour productivity at mechanical engineering enterprises in the region is several times lower than in the countries that are global leaders in mechanical engineering.
The research conducted by the Bank’s Research Department and the Russian Academy of Sciences’ Institute of Economic Forecasting provides most recent data about the sector and integration processes in it and offers forecasts for its development.
The authors think that, «cooperation between the countries in the region is one of the most important and realistic opportunities to develop mechanical engineering. The advancement of integration in the post-Soviet space provides additional opportunities to use the region’s production and technological potential. This can be done if to recover and develop a single production chain, expand markets for the sale of products, the sources of investment and the resource base, and make a wider use of advanced technologies.»
The report is one of EDB’s studies into integration processes in the region. It may be of interest to mechanical engineers, economists and marketing specialists as well as to students. All industry reports are available free of charge at https://eabr.org/analytics/.
Additional Information
Eurasian Development Bank 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. EDB’s charter capital 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. Read more at https://www.eabr.org.