EEC approves cooperation project to manufacture industrial refrigeration equipment in EAEU

MINSK. July 9 (Interfax) - The Council of the Eurasian Economic Commission (EEC) has approved the sixth project on the process for cooperating in financing within the Eurasian Economic Union (EAEU), the EEC press service reported.

"The project is being implemented by the Russian company Gradient Plant LLC, together with companies from Belarus and Kazakhstan, and is aimed at producing industrial refrigeration units," according to the statement.

"Approval of the project in the field of high-tech refrigeration equipment production is of great importance to us. This sector of production is significantly dependent on imports. Meantime, there remains high demand for equipment using natural refrigerants (CO2) in the EAEU domestic market from large retailers, logistics centers, and food processing companies. The implementation of this new project will allow us to scale up our own production of industrial refrigeration equipment and thereby contribute to the development of import substitution in the union countries," EEC Industry and Agriculture Minister Gohar Barseghyan said.

There were also reports that the EEC has received 23 applications from businesses for subsidies to date, with six projects having been approved, and others are at various stages of review.