Kyrgyzstan's economic week, April 24-29

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The intensification of Kyrgyzstan’s economic life has been noticed this week. Kyrgyzstan reaffirmed its commitment to the Chinese initiative the Silk Road Economic Belt. Bishkek hosted the International Economic Forum "Development of the Silk Road Economic Belt - Intensification of Cooperation", which brought together representatives of the government, parliament, international organizations, experts and guests from abroad, including from Russia and China. They discussed and made a number of important proposals on the topic: "The Silk Road Economic Belt: past, present and future". The participants of the forum discussed formation of a consolidated position of the business community on interaction of the Eurasian Economic Union and the Silk Road Economic Belt, areas of development, financial institutions, common energy markets and others.

Vice President of the Russian Union of Industrialists and Entrepreneurs Alexander Murychev believes that such cooperation is a partnership for many years. He said that that the forum focused on trade cooperation with China. He also said that the Chinese work closely with the Eurasian Economic Commission (ECE) and over 100 projects are under study. He emphasized that China is increasing its opportunities to invest in this project.

Deputy Minister of Economy of the Kyrgyz Republic Almaz Sazbakov said that Kyrgyzstan has all the competitive advantages to attract Chinese businessmen and localize production in the country. He said that such a large-scale forum in Bishkek will definitely bring its results. The deputy minister told Kabar Agency that this forum will give an introduction to the businessmen about countries of the Eurasian Economic Union, where to invest, how to invest.

At the same time the deputy head of the Ministry of Economy stressed that now Kyrgyzstan and China have a big imbalance. “Kyrgyzstan imports from China more, than it exports. And at the moment, the task is to localize this production here in Kyrgyzstan, and then deliver it to the markets of the EEU. This is a mutually beneficial interest of Kyrgyzstan and China," he said.

Another participants of the forum Bian Xue Xue, the Deputy Secretary-General of the Silk Road Chamber of International Commerce believes that the partnership of the Eurasian Economic Union and the Silk Road Economic Belt opens wide prospects for economic cooperation and mutual benefit for the whole world. She said that the One Belt, One Road initiative was originated in China, but the fruits of success touched the whole world. For three years, it has already been mutually beneficial to countries and regions. "We will work together to study new models of business cooperation in various regions and countries and jointly promote the development of the Silk Road," Bian Xue Xue said.

Central Asia flared up somehow after the change of power in Uzbekistan, the new leader of which publicly announced a rapprochement with its neighbors, primarily economically. It was not by chance that his first official trips took place to Turkmenistan and Kazakhstan. The probability of intensive integration of the countries of the region largely depends on the position of Tashkent. However, Kazakhstan also wants to fully master the market of Central Asia. During the week, the Parliament of the Republic of Kazakhstan at the plenary meeting adopted the draft Law "On ratification of the Agreement between the Government of the Republic of Kazakhstan and the Government of the Kyrgyz Republic on the development of economic cooperation in the conditions of Eurasian economic integration". In accordance with the norms of the Agreement within the framework of the EEU, the Kazakh side will render assistance to Kyrgyzstan in the amount of $ 100 million to assist in joining the union. These funds are intended for carrying out the activities envisaged by the Roadmap for accession of Kyrgyzstan to the EEU, and for bringing the legislation of the republic in line with the requirements of the Union.

Kyrgyzstan once again demonstrated its aspiration to attract foreign investors to the country, this time in the capital of Qatar, Doha. The Trade and Economic Mission of Kyrgyzstan visited there. Within the framework of the visit, a business forum was held with the participation of Kyrgyz and Qatar entrepreneurs.

The main goal of the mission is to promote domestic products to the Qatari market and develop trade, economic and investment cooperation between Kyrgyzstan and Qatar. Speaking at the event, Vice President of the Chamber of Commerce of Qatar Muhammed bin Ahmed bin Tuar Al-Kuwari urged the Qatari entrepreneurs to actively cooperate with their Kyrgyz counterparts and stressed that the Qatari market is open for products from Kyrgyzstan, and the Kyrgyz businessmen can carry out business activities in Qatar.

The Kyrgyz side made a presentation of investment opportunities and the largest entrepreneurs demonstrated their promising projects. At the end of the event a session took place in the B2B-format (Business-To-Business), during which the businessmen of the two countries discussed issues of further cooperation.

Good relations between Kyrgyzstan and South Korea have created good opportunities for labor migrants. Minister of Labor and Employment of the Republic of Korea Lee Ki Kwon visited Kyrgyzstan this week. His counterpart from the Kyrgyz side was Minister of Labor and Social Development of the Kyrgyz Republic Taalaykul Isakunova and Deputy Chairman of the State Migration Service of the Kyrgyz Republic Almazbek Asanbayev. A number of topical issues were discussed to develop bilateral cooperation, increase the number of migrant workers from Kyrgyzstan who work in the Republic of Korea. The Kyrgyz side asked the Korean delegation to increase labor contracts for citizens of Kyrgyzstan, the possibility of expanding the scope of employment for Kyrgyz citizens. Kyrgyz in Korea are mainly engaged in production and in the sphere of agriculture. The Korean Minister Lee Ki Kwon highly appreciated the comprehensive development of Kyrgyzstan over the past five years, stressing the readiness to intensify bilateral relations in the sphere of employment and to bring them to a new qualitative level. He also stressed the importance of appointing a representative of the State Service of Migration in the Republic of Korea to establish contacts with new employers, which will help increase the labor quota for Kyrgyz citizens.

Kyrgyzstani started to purchase more cars over the past five years. According to unofficial data in Bishkek, where the number of residents has exceeded 1 million people, the number of registered cars exceeded 400 thousand. And at the same time, the volumes of trades in the car market do not decrease, and new cars continue to come, despite the increased prices for customs clearance. This is what gives confidence to Kazakh automakers to start selling their own cars in Kyrgyzstan. Akim of the East Kazakhstan region, the former head of the Government of the Republic of Kazakhstan, Daniyal Akhmetov, said: "I personally visited Mongolia, I was in Kyrgyzstan, Tajikistan, and met with the leaders of governments so that our car entered these markets and we will go there" .

This week the gold extraction plant of the Solton-Sary mine resumed its work after seasonal halt. During the planned shutdown period, repair work was carried out at the plant and at certain sections of the mine. In order to expand production at the mine, the second line of the plant will be launched, which allows to produce an additional 6 kg of gold.

Speaker of the Kyrgyz Parliament Chynybai Tursunbekov, who returned from Iran, took part in the opening of the conference "Kyrgyzstan: Resources of the Future". He expressed his satisfaction that the best minds of Kyrgyzstan participate in the forum in order to determine what resources are needed so that the country could make a breakthrough and take a worthy place in the region and in the world as a whole.

"The parliament is ready to consider proposals to adopt laws to give impetus to innovative development and education in Kyrgyzstan," the speaker of the parliament said.

At the end of the week, the Jogorku Kenesh of the Kyrgyz Republic approved the country’s Prime Minister Sooronbai Zheenbekov’s reports for the year of work of the Government of the Kyrgyz Republic.

In general, the work of the Government of the Kyrgyz Republic for the reporting period was stable. The GDP growth of the country was 3.8% and proved to be much better among the countries of the EEU. Based on the results of this decision of the Parliament, the option of nominating Sooronbai Zheenbekov as a president of the country from the SDPK faction is quite predictable.

Kabar News Agency


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