ESTABLISH JOINT PRODUCTION CAPACITIES

BANJA LUKA, APRIL 28 /SRNA/ – Republika Srpska Minister of Economy and Entrepreneurship Radenko Bubić and a delegation of the Government of Russia's Nizhny Novgorod Region have agreed today that the goal of future cooperation is to establish joint production capacities and create complete export products with financial support from both governments.

At a meeting in Banja Luka, key areas of economic cooperation were identified, including the electromechanical industry, in which service-based production currently dominates in Republika Srpska, the Ministry of Economy and Entrepreneurship of Republika Srpska announced. As emphasized, the delegation from the Nizhny Novgorod Region, headed by Deputy Prime Minister Dmitry Starostin, submitted a list of companies interested in cooperation with compatible partners across various economic sectors in Republika Srpska. At the same time, the statement adds, an opportunity was offered to adopt examples of best practices from the Nizhny Novgorod Region’s extensive experience and to further encourage the clustering of Republika Srpska’s economy. Bubić pointed out the need to develop an action plan with clearly defined activities in the field of economic cooperation, as well as to appoint a working team to monitor the effects of implementing the agreed initiatives. On that occasion, general conditions for doing business and investing in Republika Srpska were presented, along with a brochure in the Russian language. Starostin stated that construction of a new IT university with a capacity of 8,000 students is underway, and noted the possibility of subsidized education for students from Republika Srpska, as well as the establishment of internship exchange programmes. At the meeting, readiness was expressed to achieve closer cooperation through the Republika Srpska ICT Agency, between IT faculties in Republika Srpska and universities in the Nizhny Novgorod Region. A specific proposal included establishing a joint laboratory where IT experts would work on developing new technologies and improving the quality of final products. The delegation from the Nizhny Novgorod Region also expressed interest in cooperation in tourism and agriculture, as well as in enhancing cooperation in the pharmaceutical industry through models of joint production, import, and export across both territories. The Russian delegation invited Minister Bubić and Republika Srpska institutions' representatives to visit a technology park in the Nizhny Novgorod Region, as well as to participate in an Economic Forum to be held in October. The meeting was attended by representatives of the Ministry of Agriculture, Forestry and Water Management of Republika Srpska, the ICT Agency, the Science - Technology Park of Republika Srpska, the Chamber of Commerce, and the Union of Republika Srpska Employers.