PM: Economy of any country cannot function effectively without investment

Government 0

Bishkek, Oct.10, 2019. /Kabar/. “The economy of any country cannot function effectively without investment,” Kyrgyz Prime Minister Mukhammedkalyi Abylgaziev said at the Bishkek Investment Forum 2019, the Government’s press service reported.

“The right priorities in the social and economic development of the country are already yielding results. Thus, at the end of 2018, the inflow of foreign direct investment increased by almost 40%, and at the end of the first half of 2019 this figure reached 60%. The foreign trade deficit decreased by $450 million.

We were able to stabilize the inflow of investments into the country due to domestic resources, production stimulation and reduction of excessive budget expenditures. Another important fact in stabilizing the domestic economy was a small but steady trend of reducing the external debt. This is the first time since gaining state independence,” Abylgaziev said.

The prime minister said the mechanisms to eradicate corruption have allowed the country, according to the international financial institution - the World Bank, to enter the top 20 countries-reformers in the Doing Business international ranking.

Abylgaziev listed a number of potential sectors of the local economy, which can bring large investments in the near future.

“This is the sphere of tourism, membership in the EAEU, availability of GSP+ preference, strategically convenient geographical location. According to the researches of the international authoritative institutes, our republic has access to the market with a total population of about 700 million people, in the western direction, and also has potential of attraction of direct foreign investments from $2,5 to $5 billion.

The foreign trade turnover with China has been increasing in recent years, with a population of 1.5 billion people. Our ties with India with a population of more than 1.4 billion people are becoming more active,” Abylgaziev said, and urged the Forum participants to actively use all the above advantages for business development.

Then he toured the International Franchise and Trade Expo exhibition, which has become a symbol of trade and globalization.

The Bishkek Investment Forum 2019 is held for the third year. The Forum is organized by the JIA business association.

The International Franchise and Trade Expo international exhibition is also held within the framework of the Forum. This year, the Forum brought together representatives of 10 countries: the United States, the European Union and the Middle East, as well as the Central Asian region.

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