Breaking news http://kabar.kg/eng/rss/ Economy Sun, 22 Apr 2018 04:12:33 +0600 Kabar.kg 60 International Universal Exhibition-Fair "Kyrgyzstan-2018" opened in Bishkek Bishkek, Apr. 19, 2018 / Kabar /. The official opening ceremony of the 20th International Universal Exhibition-Fair "Kyrgyzstan-2018" was held in Bishkek.

Organizers of the fair are the Government of the Kyrgyz Republic and the Chamber of Commerce and Industry of the Kyrgyz Republic (CCI).

Representatives of the Government of the Kyrgyz Republic, international organizations, Embassies, business organizations, residents and guests of the capital were invited to the event.

According to the press service of the Chamber of Commerce and Industry of the Kyrgyz Republic, the exhibition "Kyrgyzstan-2018" will be held from 19 to 23 April 2018, and is an important event of international level, which has become known among business circles of many countries of the world. It is expected that the exhibition will be visited by over 10 thousand visitors from all regions of Kyrgyzstan, CIS countries and far abroad.

The participants of the business event, more than 30 foreign and domestic companies, will receive these days unique opportunities to establish their business presence in the developing market of Kyrgyzstan, to demonstrate new products and services, to find new partners and agents, to strengthen existing positions and obtain full information about the market.

The purpose of the meeting is to discuss ways of further possible cooperation and establish a strong mutually beneficial partnership. It should be noted that many foreign companies arrived in Kyrgyzstan for the first time and intend to find here profitable partners and launch projects to create joint production enterprises.

During the forum, businessmen will hold talks on cooperation in the production and processing of consumer goods, agricultural machinery, dairy equipment, household appliances, gas boilers, light industry, confectionery, construction materials and design of gas supply systems.

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Thu, 19 Apr 2018 20:25:50 +0600 http://kabar.kg/eng/news/international-universal-exhibition-fair-kyrgyzstan-2018-opened-in-bishkek/ http://kabar.kg/eng/news/international-universal-exhibition-fair-kyrgyzstan-2018-opened-in-bishkek/
Kyrgyzstan, Turkey sign bilateral agreement on mutual encouragement and protection of investments Bishkek, Apr. 10, 2018. / Kabar /. Within the framework of the official visit of President of Kyrgyzstan Sooronbay Jeenbekov to Turkey, Minister of Economy of Kyrgyzstan Artem Novikov and Minister of Economy of Turkey Nihat Zeybekci signed in Ankara, on Apr. 10, 2018, a bilateral Agreement on mutual encouragement and protection of investments between the Kyrgyz Republic and the Republic of Turkey, the press service of the Ministry of Economy of the Kyrgyz Republic reported.

The main goal of the Agreement is to promote the strengthening of economic cooperation between the countries, the creation of a regulatory legal framework for attracting direct investment, the provision of a stable, fair and equitable treatment of investments, facilitating the flow of capital and technology, and economic development of the contracting parties.

This Agreement replaces the current Agreement on mutual promotion and protection of investments dated Apr. 29, 1992, and is aimed at harmonizing with standards of bilateral agreements of a new generation, including compliance with environmental standards, ensuring working conditions, as well as maintaining a balanced responsibility between the state and the investor.

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Tue, 10 Apr 2018 17:38:05 +0600 http://kabar.kg/eng/news/kyrgyzstan-turkey-sign-bilateral-agreement-on-mutual-encouragement-and-protection-of-investments/ http://kabar.kg/eng/news/kyrgyzstan-turkey-sign-bilateral-agreement-on-mutual-encouragement-and-protection-of-investments/
Central Bank of Qatar interested in cooperation with National Bank of Kyrgyzstan Bishkek, Apr. 5, 2018. / Kabar /. Ambassador of Kyrgyzstan to the State of Qatar Nuran Niazaliyev met with Governor of the Central Bank of Qatar Sheikh Abdullah bin Saud Al-Thani, the press service of the Ministry of Foreign Affairs of the Kyrgyz Republic reported.

During the conversation, Niazaliyev spoke about a stable financial system, successful monetary policy and a well-developed investment banking infrastructure in Kyrgyzstan. Noting the extensive activities of commercial banks in the country and efforts to introduce Islamic financing principles through the creation of a relevant bank, he stressed the importance of developing bilateral cooperation in the banking system.

In addition, the Ambassador suggested to set up joint financial and credit institutions and open representative offices of Qatari banks in Bishkek, which will promote the development of investment and trade cooperation between the two countries.

From his part, Sheikh Abdullah bin Saud Al-Thani expressed his interest in signing a memorandum of cooperation with the National Bank of Kyrgyzstan, and also expressed readiness to assist in mutual visits of representatives of the banking sphere of the two states.

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Thu, 05 Apr 2018 19:22:23 +0600 http://kabar.kg/eng/news/central-bank-of-qatar-interested-in-cooperation-with-national-bank-of-kyrgyzstan/ http://kabar.kg/eng/news/central-bank-of-qatar-interested-in-cooperation-with-national-bank-of-kyrgyzstan/
Kyrgyzstan interested in attracting Turkish investments in mining sector Bishkek, Apr. 5, 2018 / Kabar /. Chairman of the State Committee for Industry, Energy and Subsoil Use of the Kyrgyz Republic Ulanbek Ryskulov met with Ambassador of Turkey to the Kyrgyz Republic Cengiz Kamil Firat.

The press service of the State Committee reported that during the conversation, an exchange of views took place on the current issues of the Kyrgyz-Turkish relations.

The Chairman of the State Committee briefed the Ambassador about priority branches of industry, investment opportunities of the mining industry, energy, and also the textile and clothing industry.

"Since Turkey is a key partner of UNIDO and assisted in implementation of projects for the organization of industrial parks, including in the textile and leather industry in your country, I would like to cooperate in sharing experience in this direction. In addition, the Kyrgyz side is interested in attracting Turkish investments in the mining, energy and other sectors," the chairman of the State Committee said.

The Turkish Ambassador proposed holding business forums with the participation of businessmen from the two countries. He also added that this summer it is planned to hold the event of "Turk Kenesh", where representatives of 5 Turk-speaking countries, including Kyrgyzstan, will be invited.

As a result of the meeting, the sides managed to agree on bilateral fruitful cooperation.

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Thu, 05 Apr 2018 12:33:05 +0600 http://kabar.kg/eng/news/kyrgyzstan-interested-in-attracting-turkish-investments-in-mining-sector/ http://kabar.kg/eng/news/kyrgyzstan-interested-in-attracting-turkish-investments-in-mining-sector/
Saudi Development Fund interested in working closely with Kyrgyzstan Bishkek, Apr. 4, 2018 / Kabar /. Vice Prime Minister of Kyrgyzstan Sanjar Mukanbetov met in Tunisia with Managing Director of the Saudi Fund for Development (SFD) Ibrahim Al-Bassam, as part of his participation in the 43rd Annual Meeting of the Islamic Development Bank (IDB) Group, the press service of the Ministry of Foreign Affairs of the Kyrgyz Republic reported.

The Kyrgyz Vice Prime Minister expressed gratitude to the SFD for the high willingness to cooperate with the Kyrgyz government in the whole spectrum of financial services to meet Kyrgyzstan's demand for external borrowing. He stressed that the Kyrgyz leadership highly appreciates the contribution of the SFD to the economic development of the country.

He thanked the SFD for a grant totaling $ 3.8 million for the construction of a laboratory and quarantine zone and the provision of modern high-tech medical equipment to the Heart Research and Organ Transplantation Institute in Bishkek.

The sides also discussed the Balykchy - Karakol - Balykchy Road Reconstruction Project for a total amount of $ 130 million, which was approved by the Arab Coordination Group (ACP) during the Third Round Table on July 11-12, 2017 in Bishkek.

In turn, Ibrahim Al-Bassam thanked and expressed the interest of the SFD in close cooperation with the Kyrgyz Republic.

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Wed, 04 Apr 2018 16:48:20 +0600 http://kabar.kg/eng/news/saudi-development-fund-interested-in-working-closely-with-kyrgyzstan/ http://kabar.kg/eng/news/saudi-development-fund-interested-in-working-closely-with-kyrgyzstan/
43 Kyrgyz enterprises can supply their products to Russia and Kazakhstan Bishkek, April 3, 2018 / Kabar /. 43 Kyrgyz enterprises can supply their products to Russia and Kazakhstan. Minister of Economy of Kyrgyzstan Artem Novikov announced this at a round table in B2B format with the participation of business representatives of the Kyrgyz Republic and large trading networks of Russia.

He said that these enterprises are included in the Register of Enterprises that can supply products to the territory of the Eurasian Economic Union (EEU) member states.

Novikov added that these are enterprises that produce dairy products - 15, collection and sale of honey - 10, production of fish processing - 12, production of meat products that have undergone heat treatment - 5, production of national dairy products - 1.

The Minister added that the country has also created the infrastructure necessary to ensure application of standards of technical regulation of the EEU in the country. A number of testing laboratories are equipped.

Minister Novikov emphasized that the Government of the Kyrgyz Republic together with the Russian government actively will conduct joint events aimed at developing trade relations.

In conclusion, the Minister stressed that today's event will allow entrepreneurs to familiarize themselves with the requirements and conditions for the supply of goods to Russian retail chains, demonstrate samples of their products and hold bilateral meetings with representatives of Russian trade networks.

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Tue, 03 Apr 2018 15:48:38 +0600 http://kabar.kg/eng/news/43-kyrgyz-enterprises-can-supply-their-products-to-russia-and-kazakhstan/ http://kabar.kg/eng/news/43-kyrgyz-enterprises-can-supply-their-products-to-russia-and-kazakhstan/
Day of Kyrgyz goods will be held in Moscow retail chains Bishkek, March 28, 2018. / Kabar /. Day of Kyrgyz goods will be held in trade networks of Moscow on March 30, the press service of the Ministry of Economy of the Kyrgyz Republic reported.

"Holding this action is an important event in the light of the need to promote Kyrgyz products to foreign markets and practical implementation of agreements on the development of Kyrgyz-Russian trade and economic cooperation," Economy Minister of the Kyrgyz Republic Artem Novikov said at a meeting with entrepreneurs from Kyrgyzstan.

Special venues of Kyrgyz products will be organized in the trade networks of Moscow, where every interested visitor of the shopping center can try the products of Kyrgyzstan and get information about the products.

Over thirty local manufacturers will take part in this action.

In mid-December 2017, the 6th Russian-Kyrgyz interregional conference was held in Bishkek. During the event, a Memorandum was signed between the Ministry of Economy of the Kyrgyz Republic and X5 Retail Group, the well-known retail network of the Russian Federation about the intention of the latter to purchase local products for selling in Russia.

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Wed, 28 Mar 2018 10:03:23 +0600 http://kabar.kg/eng/news/day-of-kyrgyz-goods-will-be-held-in-moscow-retail-chains/ http://kabar.kg/eng/news/day-of-kyrgyz-goods-will-be-held-in-moscow-retail-chains/
Kyrgyzstan signs contract on participation in Expo 2020 in Dubai Bishkek, March 28, 2018. / Kabar /. President of the Chamber of Commerce and Industry of Kyrgyzstan Marat Sharshekeyev and Executive Director of the Dubai Expo 2002 Najeeb Mohammed Al-Ali signed an agreement on participation of the Kyrgyz Republic in the World Expo 2020 in Dubai (UAE), the Chamber of Commerce of Kyrgyzstan reported.

Sharshakeyev was appointed general commissioner of the exposition of Kyrgyzstan at EXPO 2020 by the decree of the Prime Minister of the Kyrgyz Republic.

Najeeb Mohammed Al-Ali stressed the great interest of most countries of the world, as well as international organizations, large corporations and companies in the EXPO 2020 in Dubai (UAE). He wished the Kyrgyz Republic successful preparation and fruitful participation in the exhibition.

Marat Sharshekeyev expressed gratitude for the invitation to participate in such a large-scale and significant event. He said that in Kyrgyzstan there are all prerequisites for the successful development of human potential and the contribution of the country's inhabitants to the universal future of mankind.

The Kyrgyz general commissioner assured the organizers of the exhibition that besides the main theme of the exhibition, the economic and tourist opportunities of Kyrgyzstan, the history, traditions and culture of the Kyrgyz people will be presented.

World Expo 2020 will be held from October 20, 2020 to April 10, 2021 in Dubai (UAE) for the first time in its history in the Middle East, North Africa and South Asia region and will be held under the slogan "Connecting Minds, Creating the Future".

More than 180 countries, as well as international organizations, large corporations and companies will take part in the exhibition. It is expected that Dubai Expo 2020 will visit 25 million guests, 70% of which will be from abroad. This will be the first ever World EXPO, where most visitors will be foreigners.

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Wed, 28 Mar 2018 09:53:30 +0600 http://kabar.kg/eng/news/kyrgyzstan-sign-contract-on-participation-in-expo-2020-in-dubai/ http://kabar.kg/eng/news/kyrgyzstan-sign-contract-on-participation-in-expo-2020-in-dubai/
Number of bank cards growing immensely in regions of Kyrgyzstan Bishkek, March 27, 2018 / Kabar /. The number of bank cards in the regions of Kyrgyzstan is growing enormously, chairman of the National Bank of Kyrgyzstan Tolkunbek Abdygulov said at a press conference in Kabar News Agency.

He said that within the framework of the state program all budget organizations were transferred to the card system.

"The Elkart card was introduced for payments, transfer of salaries of state and municipal employees. This leads to an increase in non-cash turnover," he said.

Abdygulov emphasized that the number of bank cards in the regions is growing enormously.

"Yes, there are problems in the regions. These problems are being solved. The President set the task, within the framework of declaring 2018 the Year of Regional Development, to improve the banking infrastructure there. The program for the supply of banking equipment without VAT was successful. We plan to continue this work," he explained.

The chairman of the National Bank called the bazaars the main problem in the regions, which hampers the development of non-cash payment.

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Tue, 27 Mar 2018 13:55:30 +0600 http://kabar.kg/eng/news/number-of-bank-cards-growing-immensely-in-regions-of-kyrgyzstan/ http://kabar.kg/eng/news/number-of-bank-cards-growing-immensely-in-regions-of-kyrgyzstan/
ADB remains an important economic partner of Kyrgyzstan Bishkek, March 27, 2018 / Kabar /. The Asian Development Bank (ADB) for Kyrgyzstan remains an important economic partner, Economy Minister Artem Novikov said during a meeting with ADB Vice President Wencai Zhang.

Novikov expressed gratitude to the ADB Vice President for positive cooperation, assistance and support to the Kyrgyz Republic.

"I would like to note that the President of Kyrgyzstan signed a decree declaring 2018 the Year of Regional Development, and our main task is the development of regions in the country. The next priority is the implementation of the National Digital Transformation Taza Koom Program, also the priority is to increase the export potential and increase the export of local products," Minister Novikov said.

In addition, the issues were discussed to improve the investment climate in Kyrgyzstan.

"With the active participation of ADB in 2017, the final phase of the cluster program for improving the investment climate in the Kyrgyz Republic was successfully completed. Also, the ADB provided support to develop mechanisms for public-private partnerships," the minister said.

Novikov expressed readiness to continue reforms to improve the investment climate and diversify the national economy.

In turn, Wencai Zhang expressed readiness to assist the reforms being carried out in the Kyrgyz Republic.

Particular attention was paid to the technical assistance of ADB in the development of the Medium-Term Program for Social and Economic Development until 2023, which reflects the main priorities of the Long-term National Strategy until 2040.

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Tue, 27 Mar 2018 13:46:37 +0600 http://kabar.kg/eng/news/adb-remains-an-important-economic-partner-of-kyrgyzstan/ http://kabar.kg/eng/news/adb-remains-an-important-economic-partner-of-kyrgyzstan/
Minister of Finance discuss with ADB Vice President irrigation and water supply projects Bishkek, March 27, 2018. / Kabar /. Kyrgyz Finance Minister Adylbek Kasymaliev met with Vice President of the Asian Development Bank (ADB) Wencai Zhang.

The press service of the Ministry of Finance of the Kyrgyz Republic reported that during the meeting the sides discussed issues of cooperation between the Kyrgyz Republic and ADB, in particular, the implementation of projects on irrigation and water supply.

The Minister of Finance greeting the ADB delegation on behalf of the Ministry of Finance thanked the bank's management for the assistance and support for socio-economic reforms in the Kyrgyz Republic.

"The Government of the Kyrgyz Republic began to develop a draft long-term development strategy until 2040. In the coming days, we will discuss this document at a meeting of the National Council for Sustainable Development. The priority areas for the Kyrgyz Republic are the development of information and communication technologies, the issues of providing clean drinking water and improving irrigation networks," Kasymaliev said.

The Minister of Finance of the Kyrgyz Republic suggested to the ADB management to take into account these priority directions in the course of developing a new Partnership Development Strategy of the Kyrgyz Republic and ADB. Kasymaliev also asked to consider the possibility of approving the ADB portfolio for the Kyrgyz Republic for the period 2018-2022, if possible, more grant funds.

In turn, ADB Vice President Wencai Zhang noted that ADB's cooperation with the Kyrgyz Republic has been fruitful for 24 years and at the moment ADB is preparing a draft Strategy for the development of partnership until 2030. "Under the new Strategy, ADB will continue to cooperate with the Central Asian region, including the Kyrgyz Republic on poverty reduction, the expansion of public-private partnership projects, and will continue to work on joint projects taking into account new priority areas," he said.

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Tue, 27 Mar 2018 10:08:01 +0600 http://kabar.kg/eng/news/minister-of-finance-discuss-with-adb-vice-president-irrigation-and-water-supply-projects/ http://kabar.kg/eng/news/minister-of-finance-discuss-with-adb-vice-president-irrigation-and-water-supply-projects/
Kyrgyz Government interested in cooperation with Bangladesh in textile industry Bishkek, March 26, 2018. / Kabar /. First Vice Prime Minister of Kyrgyzstan Askarbek Shadiev met with Ambassador of the People's Republic of Bangladesh to the Kyrgyz Republic Masud Mannan, the Kygyz Government’s press service reported.

The First Vice Prime Minister said that Kyrgyzstan intends to develop bilateral cooperation with Bangladesh in the trade and economic sphere.

"Light industry in our country is one of the most promising sectors of the domestic economy. Given this, we are interested in the growth of sewing production and the opening of new markets for ready products. At the same time, we intend to attract businessmen from Bangladesh with their advanced technologies and equipment. We are ready to provide all the necessary conditions for business development, ensuring full protection of investments," Shadiev said.

The First Vice Prime Minister added that the Kyrgyz delegation is ready to visit Bangladesh in order to exchange concrete proposals for cooperation, as well as to create an appropriate legal framework for the development of trade and economic cooperation, including the sphere of light industry.

From his part, Ambassador Masud Mannan, having supported the initiative of the Kyrgyz side, assured in his readiness to render the maximum assistance to the establishment and development of business relations between the two countries.

"The Kyrgyz Republic has created all the necessary base for investing and creating joint ventures. We are also interested in developing and strengthening bilateral relations at all levels," Mannan assured.

The textile industry of Bangladesh is the second largest in the world, after the Chinese. Export of fabrics and clothes from cotton and wool in the amount of $ 18 billion annually makes 80% of the country's income from foreign trade. About 3 million people are employed in this industry.

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Mon, 26 Mar 2018 12:23:25 +0600 http://kabar.kg/eng/news/kyrgyz-government-interested-in-cooperation-with-bangladesh-in-textile-industry/ http://kabar.kg/eng/news/kyrgyz-government-interested-in-cooperation-with-bangladesh-in-textile-industry/
New World Bank-financed project to support digital transformation in Kyrgyzstan Bishkek, March 22, 2018 / Kabar /. Citizens of the Kyrgyz Republic will have improved access to more affordable internet, better quality electronicgovernment services, and opportunities for digital skills development and new jobs, thanks to the US$ 50 million financing for the Digital CASA (Central Asia-South Asia) – Kyrgyz Republic Project approved today by the World Bank’s Board of Executive Directors. The project will be financed by a combination of a US$ 25 million grantand a US$25 million credit.

The objective of the Digital CASA - Kyrgyz Republic Project is to increase access to more affordable internet, attract more private investments in the ICT sector, and improve the government’s capacity to deliver digital government services in the Kyrgyz Republic.

The project is aligned withthe Kyrgyz government’s high priority initiative called Taza Koom, which means “Clean Society.” It is the Government’sDigital Transformation Strategy, envisioned to build a transparent and efficient public administration system that provides improved public services, based on digitalization and streamlining of administrative processes.The Digital CASA - Kyrgyz Republic project will build foundations for the implementation of this initiative, which is a crucial pillar ofthe country’s National Sustainable Development Strategy 2018-2040.

“The World Bank supports the digital transformation agenda in Kyrgyzstan and the Government’s Taza Koom program,as digital technologies can be a powerful enabler of inclusive and sustainable economic growth and development,” says Bolormaa Amgaabazar, World Bank Country Manager for the Kyrgyz Republic. “The Digital CASA - Kyrgyz Republic project will be instrumental in developing national and regional ICT infrastructure, promoting public sector reforms, unlocking Kyrgyzstan’s export potential, and creating new investment opportunities for Kyrgyz businesses, as well as new quality jobs for the people.”

The project will support thedevelopment of a regionally integrated digital infrastructure, promoting more affordable, high-quality internet access for the people by bringing in more private sector investmentsin network infrastructure development and service provision at the regional and national levels. It will also support building regional cloud-based datacenter infrastructure and platforms for the government and the private sector to deliver better and more secure services.Another important element of the project is the creation of an enabling environment for the digital economy through strengthening and harmonizing the laws and regulations related to the digital economy across the region.

The project will havea strong emphasis on crowding-in private investment towards closing the ‘digital divide’, empowering underserved communities, youth, and women, while improving the government’s capacity to deliver public services,” says World Bank’s Lead ICT Policy Specialist and Task Team Leader of the Project Juan Navas-Sabater.

The Digital CASA-Kyrgyz Republic Project is part of alarger integrative Digital CASA regional program, and Kyrgyzstan is one of the first two countries together with Afghanistan to joinit. The goal of Digital CASA is to integrate the landlocked countries of Central Asia and parts of South Asia into the regional and global digital economies to enable them to start reaping digital dividends.

The World Bank’s overall mission in the Kyrgyz Republic is to reduce poverty and promote economic growth and shared prosperity. Fifty percent of the World Bank’s assistance to the Kyrgyz Republic is in the form of grants. The other 50 percent is highly concessional credits with no interest and a 0.75 percent service charge. Credits are repayable in 38 years, including a 6-year grace period, while grants require no repayment. The Bank’s financial assistance to the Kyrgyz Republic since 1992 amounts to over US$1.5 billion in the form of grants and highly concessional credits.

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Thu, 22 Mar 2018 11:31:17 +0600 http://kabar.kg/eng/news/new-world-bank-financed-project-to-support-digital-transformation-in-kyrgyz-republic/ http://kabar.kg/eng/news/new-world-bank-financed-project-to-support-digital-transformation-in-kyrgyz-republic/
Volume of GDP by early 2018 exceeded 59 bln soms Bishkek, March 14, 2018 / Kabar /. The volume of gross domestic product for the period from January to February of 2018, according to preliminary estimates, amounted to more than 59 billion soms, the National Statistics Committee reported.

Compared to the same period last year, this indicator increased by 2.7%. Without taking into account the enterprises for the development of the Kumtor field, the volume of GDP was 53 billion soms and increased by 3.3%.

"The volume of industrial output was about 36 billion soms, and in comparison with the corresponding period last year increased by 5.4%. The growth in industrial production was due to an increase in output in textile production (by 2.3 times), clothing (by 44.6%), rubber and plastic products, other non-metallic mineral products (by 36.5%) and petroleum products 25.8%)," the reported said.

The volume of supply of electricity, gas, steam and air-conditioning exceeded the level of January-February 2017 by 12.7% due to growth in production and distribution of electricity.

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Wed, 14 Mar 2018 12:07:41 +0600 http://kabar.kg/eng/news/volume-of-gdp-by-early-2018-exceeded-59-bln-soms/ http://kabar.kg/eng/news/volume-of-gdp-by-early-2018-exceeded-59-bln-soms/
Volume of exports of goods from Kyrgyzstan increased by 25.6% Bishkek, March 14, 2018 / Kabar /. The volume of Kyrgyzstan's foreign trade turnover in January 2018, according to preliminary estimates by the National Statistics Committee, amounted to about $ 489 million.

This indicator increased by 45.3% compared to last year, and in general, according to the agency, at the beginning of this year the foreign trade activity of the republic was characterized by the growth of the main indicators: exports increased by 25.6%, imports - by 52%.

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Wed, 14 Mar 2018 11:42:42 +0600 http://kabar.kg/eng/news/volume-of-exports-of-goods-from-kyrgyzstan-increased-by-25.6/ http://kabar.kg/eng/news/volume-of-exports-of-goods-from-kyrgyzstan-increased-by-25.6/
Kyrgyzstan and Flanders agree to increase trade turnover Bishkek, March 13, 2018 / Kabar /. Kyrgyzstan and one of the regions of Belgium - Flanders agreed to increase trade, the press service of the Ministry of Foreign Affairs of the Kyrgyz Republic reported. In order to implement the Decree of President of the Kyrgyz Republic Sooronbay Jeenbekov on the announcement of 2018 as the Year of Regional Development, Kyrgyz Extraordinary Plenipotentiary Ambassador to Belguim Asein Isaev met with Flemish Minister-President Geert Bourgeois on March 12.

Taking into account the wide independent authorities of Flanders, within the framework of the meeting the possibilities of both economic cooperation and bilateral cooperation in the sphere of international relations and in the sphere of culture were discussed.

Possessing the potential of the largest logistics center in Europe, the leadership of Flanders emphasized the potential of Kyrgyzstan as part of the Great Silk Road.

In order to increase the existing volumes of trade between Kyrgyzstan and Flanders, the sides agreed on preparation and conduct of a major business mission of Flanders in the Kyrgyz Republic in 2020.

At the same time, the sides reached agreements on holding a number of concrete measures for the near future.

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Tue, 13 Mar 2018 15:20:35 +0600 http://kabar.kg/eng/news/kyrgyzstan-and-flanders-agree-to-increase-trade-turnover/ http://kabar.kg/eng/news/kyrgyzstan-and-flanders-agree-to-increase-trade-turnover/
Minister of Economy discusses with Turkish Ambassador Investment opportunities Bishkek, March 6, 2018 / Kabar /. Minister of Economy of Kyrgyzstan Artyom Novikov met with Ambassador Extraordinary and Plenipotentiary of Turkey to Kyrgyzstan Kamil Jengiz Fyrat.

During the meeting the Minister stressed the growth of trade turnover between the countries, the press service of the Ministry of Economy of the Kyrgyz Republic reported. "Let me emphasize that the trade turnover between our countries in 2017 increased by 26.7% compared to 2016 and amounts to 356 mln soms. That remarkably increased the volume of both imports and exports," the Minister said.

Whereas, the Ambassador specified that many large companies are ready to invest in the economy of Kyrgyzstan. "There are five companies that want to invest in mining industry. The Turkish International Cooperation and Development Agency (TIKA) is ready to invest in regional projects, since 2018 was declared as the Year of Development of Regions by the President of the Kyrgyz Republic," Kamil Jengiz Fyrat said.

"We are ready to meet with your companies at any time to discuss investment opportunities and provide every assistance in implementing plans for joint implementation," Novikov said.

The Minister also said that Kyrgyzstan should be considered not as a market of one state, but as a market within the framework of the Eurasian Economic Union (EEU), whose population is more than 150 million people.

During the meeting, the Minister and the Ambassador talked about investment opportunites in development of livestock, meat processing industry, as well as attracting investments to airports of Bishkek and Osh.

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Tue, 06 Mar 2018 18:56:51 +0600 http://kabar.kg/eng/news/minister-of-economy-discusses-with-turkish-ambassador-investment-opportunities/ http://kabar.kg/eng/news/minister-of-economy-discusses-with-turkish-ambassador-investment-opportunities/
Kyrgyz State Secretary of Economy Ministry meets with Executive Secretary of UNECE Bishkek, March 5, 2018 / Kabar /. Within the framework of participation in the Regional Forum on Sustainable Development held in Geneva on March 1-2, State Secretary of the Ministry of Economy of the Kyrgyz Republic Aydin Sharsheev met with UN Deputy Secretary-General, Executive Secretary of the United Nations Economic Commission for Europe (UNECE) Olga Algayerova .

The sides discussed key issues of bilateral cooperation, as well as projects and programs implemented by the UNECE in the Kyrgyz Republic, the press service of the Ministry of Economy of the Kyrgyz Republic reported.

During the meeting, Sharsheev presented information on Kyrgyzstan’s progress on carrying out of Sustainable Development Goals (SDGs) set by the United Nations (UN) 2030. He also introduced implementation of Taza Koom program in the country. Sharsheev stressed that the Taza Koom program meets all requirements and content of the UN General Assembly Resolution on the UN SDGs 2030.

Whereas, Algayerova gave a positive assessment to ongoing actions of Kyrgyzstan in achieving UN SDGs 2030 and emphasized the need for further cooperation between the Kyrgyz Republic and UNECE.

In conclusion, the sides agreed on strengthening existing ties and expressed hope for further fruitful cooperation.

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Mon, 05 Mar 2018 19:27:07 +0600 http://kabar.kg/eng/news/kyrgyz-state-secretary-of-economy-ministry-meets-with-executive-secretary-of-unece/ http://kabar.kg/eng/news/kyrgyz-state-secretary-of-economy-ministry-meets-with-executive-secretary-of-unece/
State debt of Kyrgyzstan amounted to $ 4.5 bln by the end of 2017 Bishkek, March 3, 2018. / Kabar /. The state debt of Kyrgyzstan at the end of 2017 amounted to $ 4 billion 530 million (311 billion 846 million soms), Deputy Director of the Central Treasury Marlen Amandykov said at the board of the Ministry of Finance.

According to his data, out of this amount, the state external debt amounted to $ 4 billion 81 million. This is 91% of the total external debt.

The domestic debt of the state is $ 449 million, or 9% of the total.

In total in 2017 the amount of payment of state debt was 20 million 628.35 thousand soms. Of these, the percentage is 5 million 867.77 thousand soms.

In 2018, it is projected to pay 25 million 592.8 thousand soms under the state debt.

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Sat, 03 Mar 2018 11:42:57 +0600 http://kabar.kg/eng/news/f-2/ http://kabar.kg/eng/news/f-2/
Made in Kyrgyzstan: USAID partners secure export contracts for $6 mln in 2017 Bishkek, March 1, 2018 / Kabar /. Over the last year, the United States Agency for International Development (USAID) facilitated more than $6 million in exports for local Kyrgyz businesses in the garment industry and agricultural sectors.

These export opportunities expanded production, introduced international quality control standards, and improved business processes. The Director of USAID’s Economic Development Office, Luis Hernandez highlighted the importance of international business-to-business events where Kyrgyz companies can meet and engage with potential buyers from around the world. “In 2017, we organized trips to various events in Turkey, France and other European countries. In fact, several of our partners returned several weeks ago from Paris, where they participated in one of the largest apparel exhibitions in Europe” says Mr. Hernandez.

These efforts have resulted in some remarkable achievements. In the garment sector, for the first time several local manufacturers met the strict quality and production standards of international buyers who are interested in export contracts of more than $2 million a year. In the agriculture sector, local companies also met international requirements and food safety standards, securing export contracts of over $4 million to the U.S., Kazakhstan, and other countries in the region.

USAID works in partnership with more than 60 Kyrgyzstani businesses to actualize the potential of the private sector to drive sustainable economic growth, improve infrastructure, mobilize investment, and create jobs. In 2017 alone, these partnerships mobilized more than $25 million of local capital investments for the immediate benefits of local entrepreneurs, small businesses, and farmers.

These partnerships are a part of USAID’s two major projects on economic development in the Kyrgyz Republic: USAID Business Growth Initiative and USAID Agro Horizon, the total value of which exceeds $40 million.

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Thu, 01 Mar 2018 22:47:16 +0600 http://kabar.kg/eng/news/made-in-kyrgyzstan-usaid-partners-secure-export-contracts-for-6-million-in-2017/ http://kabar.kg/eng/news/made-in-kyrgyzstan-usaid-partners-secure-export-contracts-for-6-million-in-2017/
Kyrgyzstan to develop medium-term program for development of regions for 2018-2023 Bishkek, Feb. 23, 2018 / Kabar /. Prime Minister Sapar Isakov instructed governors of oblasts together with the Ministry of Economy to develop medium-term development programs for the regions for 2018-2023 at a government meeting where the results of the socio-economic development of the country for 2017 and the results of two years of the country's membership in the EEU were considered.

He said that in accordance with the decree of the President on the announcement of 2018 - the Year of Regional Development, the considerable efforts in 2018 will be directed to the development of regions that provide for the improvement of the well-being of the population, the economic condition of the regions, the creation of a competitive investment and business environment.

Isakov also said that the economic growth in 2017 exceeded expectations. "I would like to especially note the leading positions of the republic in terms of the growth rate among the countries of the Eurasian Economic Union. Positive growth rates remain in all sectors of the economy," the prime minister said.

"According to the approved forecast, the country's economic growth in 2018 should reach 3.6%. Taking into account the results of 2017, we must maintain stable economic growth and ensure the fulfillment of all the forecast indicators," Isakov said.

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Fri, 23 Feb 2018 17:21:34 +0600 http://kabar.kg/eng/news/kyrgyzstan-to-develop-medium-term-program-for-development-of-regions-for-2018-2023/ http://kabar.kg/eng/news/kyrgyzstan-to-develop-medium-term-program-for-development-of-regions-for-2018-2023/
Kyrgyzstan’s economic growth made 4.5% in 2017 Bishkek, Feb. 23, 2018 / Kabar /. As a result of 2017, Kyrgyzstan’s economy grew by 4.5%. This became known on Feb. 22, during a government meeting, where the results of the socio-economic development of the country for 2017 was considered.

Speaking at the meeting Economy Minister of the country Artem Novikov said that economic growth in 2017 was provided by all sectors of the economy, including growth rates in agriculture 2.2%, in construction 7.1%, in services - 2.1% %.

“The main driver of growth was the industrial sector with a real growth rate of 11.8%," he said.

Artem Novikov stressed that positive trends remain in foreign economic activity.

"In particular, in January-December of 2017, the growth rate of exports (13.8%) exceeds the growth rate of imports (12%), while the export growth to the Eurasian Economic Union countries was 27%. In January-November of 2017, our republic carried out trade and economic relations with 124 states of the world trade community, including 118 imports and 85 exports," Novikov said.

For reference: The foreign trade turnover of the Kyrgyz Republic for January-November 2017 amounted to $ 5,602.5 million and compared to January-November 2016 increased by 10.9%.

Foreign trade turnover with the countries of the Eurasian Economic Union amounted to $ 2,179.2 million and increased by 14.3%.

With the CIS countries, in January-November 2017, trade increased by 17.5% and amounted to $ 2,542.0 million, including exports of $ 687.1 million (an increase of 23.1%), imports - 1854 , $9 million (an increase of 15.5%).

With non-CIS countries, trade turnover amounted to $ 3,060.5 million (an increase of 6.0%), including. exports - $ 854.2 million (an increase of 5.6%), imports - $ 2206.3 million (an increase of 6.2%).

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Fri, 23 Feb 2018 17:07:52 +0600 http://kabar.kg/eng/news/kyrgyzstans-economic-growth-was-4.5-in-2017/ http://kabar.kg/eng/news/kyrgyzstans-economic-growth-was-4.5-in-2017/
Deputy Prime Minister: Almost 30% of state investments funds not spent Bishkek, Feb.22, 2018 / Kabar /. The State Investments Program for 2017 was carried out only by the Ministry of Emergency Situations and the Ministry of Transport, Deputy Prime Minister Sanjar Mukanbetov stated this at Governmental Meeting.

He said that in the past few years, there has been a dangerous trend of failure to implement the State Investments Program.

The program, which is the main part of the budget development was implemented at 83% in 2017. The total amount of the State Investment was approved at a rate of 39 bln soms. The actual expenditure amounted to 27.8 bln soms, that is 71% . The amount of undeveloped funds amounted to 11.3 bln soms, which is almost 30% of the State Investment Budget," the Deputy Prime Minister said.

Mukanbetov explained that if all the funds from State Investments Program were used it would be possible to completely solve the problem with clean drinking water or finance twice as many objects from capital investments as possible.

8.6 bln soms was put in capital investment and 438 objects were financed in 2017. This amount could have been doubled," the Deputy Prime Minister added.

The State Investment Program was fulfilled by the Ministry for Emergency Situations by 170% and by the Ministry of Transport by 93% in 2017.

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Thu, 22 Feb 2018 18:13:47 +0600 http://kabar.kg/eng/news/deputy-prime-minister-almost-30-of-state-investments-funds-not-spent/ http://kabar.kg/eng/news/deputy-prime-minister-almost-30-of-state-investments-funds-not-spent/
EDB will provide Russian Kyrgyz Development Fund $ 50 mln of credit facility Bishkek, Feb.21, 2018 / Kabar /.The Eurasian Development Bank (EDB) will provide the Russian-Kyrgyz Development Fund (RKDF) with a $ 50 million revolving credit facility for a period of 5 years. The corresponding agreement was signed by Chairmen of the EDB Board Andrey Belyaninov and Head of RKDF Erkin Asrandiyev.

The RKDF told that the funds are intended to finance investment projects implemented by the RKDF in Kyrgyzstan, as well as to fund the RKDF’s targeted programs through commercial banks of the Kyrgyz Republic.

The interaction of the two International Development Institutions will contribute to the development and modernization of the economy of Kyrgyzstan, as well as to create prerequisites for deepening the economic integration of EDB member states.

Reference:

The Eurasian Development Bank (EDB) is an international financial organization established by Russia and Kazakhstan in January 2006 to promote the development of the market economy of participating countries, to contribute their sustainable economic growth and the expansion of mutual trade and economic relations. The authorized capital of the EDB is $ 7 bln. The member states of the Bank are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan.

The Russian-Kyrgyz Development Fund (RKDF) is established and operates in accordance with the Agreement between the Government of the Kyrgyz Republic and the Russian Federation. The Fund is an international organization and established to promote economic cooperation between the Kyrgyz Republic and the Russian Federation. RKDF’s purpose is also to modernize and develop the economy of the Kyrgyz Republic, the effective use of opportunities due to the participation of the sides in the Eurasian Economic Integration (EEI).

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Wed, 21 Feb 2018 19:25:59 +0600 http://kabar.kg/eng/news/edb-will-provide-russian-kyrgyz-development-fund-50-mln-of-credit-facility/ http://kabar.kg/eng/news/edb-will-provide-russian-kyrgyz-development-fund-50-mln-of-credit-facility/
Seventeen PPP projects worth $ 166 mln implemented in Kyrgyzstan Bishkek, Feb. 16, 2018 / Kabar /. The role of the law on public-private partnership is significant in the development of the country's regions, chairman of the Committee on Economic and Fiscal Policy of the Kyrgyz Parliament Nurlan Makeyev said today at the parliamentary hearings devoted to public-private partnership (PPP).

He said that 2018 declared the Year of Regional Development by the presidential decree. "The role of the Law of the Kyrgyz Republic On public-private partnership in the Kyrgyz Republic is significant in the development of regions. I believe that local authorities during the parliamentary hearings will take into account good proposals and experience in implementing PPP projects for the development of their regions," Nurlan Makeyev said.

Deputy Prime Minister Daiyr Kenekeyev recalled that the law on PPP was adopted in 2009, but did not work for several years, and in 2012, the law was amended accordingly.

He added that 17 PPP projects are currently being implemented in Kyrgyzstan worth in total $ 166 million, including 4 projects in the health sector.

Participants of the parliamentary hearings discussed the main problems, challenges and findings on the implementation of the Law "On public-private partnership in the Kyrgyz Republic", the functioning of the mechanism of public-private partnership in the republic, experience in implementing public-private partnership projects in public health.

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Fri, 16 Feb 2018 22:03:46 +0600 http://kabar.kg/eng/news/seventeen-17-ppp-projects-worth-166-mln-realized-in-kyrgyzstan/ http://kabar.kg/eng/news/seventeen-17-ppp-projects-worth-166-mln-realized-in-kyrgyzstan/
Kyrgyzstan resumes meat supplies to Iran Bishkek, Feb. 16, 2018. / Kabar /. Kyrgyzstan resumed deliveries of meat to Iran, chairman of the association of domestic producers Bakyt Degenbaev told.

According to his data, processors from Kyrgyzstan supplied 56 tons out of 500 tons of the first contract. An agreement was reached to supply a mutton.

"In 2010, we already covered 30% of Iran's needs for lamb. But then we had a number of reasons, such as the lack of our own halal standard, modern slaughter shops, industrial refrigerators, which prevented us from supplying mutton to this country," Degenbaev explained.

The chairman of the association of domestic manufacturers explained that the break in the supply of meat was not in vain. During this time, the correct conclusions were made, we worked on the errors.

Entrepreneurs opened the necessary slaughter shops by modern standards, and the halal department of the Ministry of Economy of the Kyrgyz Republic carried out all the work to create their own halal standard, in conjunction with the Spiritual Administration of Muslims of Kyrgyzstan.

"Now we have received a green light for the supply of mutton to Iran. The specialists of the Ministry of Economy, Ministry of Health, Sanitary and Veterinary Services of Iran arrived in Kyrgyzstan, who arrived in Kyrgyzstan to inspect the state of the infrastructure of our processing industry were satisfied. This is a step towards the long-term development of the markets of the countries of the Middle East," Degenbaev said.

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Fri, 16 Feb 2018 12:42:15 +0600 http://kabar.kg/eng/news/kyrgyzstan-resumes-meat-supplies-to-iran/ http://kabar.kg/eng/news/kyrgyzstan-resumes-meat-supplies-to-iran/
National Academy of Sciences discusses issues of attracting investments and introducing innovations Bishkek, Feb.15, 2018 / Kabar /. Scientists of the National Academy of Sciences (NAS) of the Kyrgyz Republic considered such key issues as attracting investors to research projects and introducing innovations into practice at their meeting, the press service of the Academy reported.

Chairman of the Department of Chemical, Technological, Medical and Biological and Agricultural Sciences, Corresponding Member of the NAS of Kyrgyzstan, Isabek Ashimov announced the position of the NAS Presidium on following issues. "In current conditions, the most viable vector of the NAS is investment and innovation development, which implies setting up of an economic cycle: maximum use of investments for the extraction of new knowledge and technology; maximum use of new knowledge and technology to create a new scientific product; maximum use of a new scientific product for implementation in production; maximum reinvestment of the received funds in the process of extraction of even more new knowledge and technologies," he said.

The participants of the meeting made proposals on the analysis of scientific developments in terms of investment opportunities, topics of academic forums on investment and innovation, stages of introducing scientific developments, attracting local and foreign investors, increasing the participation of young scientists in international scholarship programs and a number of other issues.

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Thu, 15 Feb 2018 11:33:25 +0600 http://kabar.kg/eng/news/national-academy-of-sciences-discusses-issues-of-attracting-investments-and-introducing-innovations/ http://kabar.kg/eng/news/national-academy-of-sciences-discusses-issues-of-attracting-investments-and-introducing-innovations/
Switzerland supports the optimization of local services in Kyrgyzstan Bishkek, Feb. 15, 2018 / Kabar/. On February 14, 2018 the Ministry of Economy invited representatives of relevant state bodies, expert community and international organizations to discuss specific measures for the optimization of services provided at the local level, the Embassy of Switzerland in the Kyrgyz Republic reported.

The discussion was based on a draft "Plan of measures for optimization of the system of municipal services provided at the local level for 2018-2023". The elaboration of this plan was supported by the "Public Service Improvement" project, which is financed by the Government of Switzerland through the Swiss Agency for Development and Cooperation and implemented by the Helvetas Swiss Intercooperation and the Development Policy Institute.

In recent years various efforts have been made to optimize the system of public service provision in terms of legislative and regulatory improvements, however the area of municipal service provision has been lagging behind. The implementation of the Law of the Kyrgyz Republic "On State and Municipal Services" has revealed some issues making it necessary to revise the existing system of service provision at the local level. As it turns out, local self-governments are actually responsible for delivering different types of services that are not reflected in the existing legal framework.

The elaboration of the Plan and its further implementation are an important step toward improving the quality and accessibility of services provided to people at the local level” – said Danielle Meuwly Monteleone, Deputy head of the Embassy of Switzerland in the Kyrgyz Republic.

After receiving feedback from various stakeholders, the Plan will be submitted to the Interagency Commission under the Government of the Kyrgyz Republic for optimization of the system of state and municipal service provision for further actions for its implementation.

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Thu, 15 Feb 2018 10:14:40 +0600 http://kabar.kg/eng/news/switzerland-supports-the-optimization-of-local-services-in-kyrgyzstan/ http://kabar.kg/eng/news/switzerland-supports-the-optimization-of-local-services-in-kyrgyzstan/
State Tax Service fulfils plan by 102,4 % Bishkek, Feb.15, 2018 / Kabar /. The State Tax Service collected 6 bln and 70.5 mln soms of taxes and payments in Jan. 2018, the press service of the State Tax Service of the Kyrgyz Republic reported.

The plan was fulfilled by 102.4% or exceeded by 142.1 mln soms.

Compared to the same period of 2017, tax revenue increased by 383.9 mln soms or 6.8%, excluding revenues from Kumtor, which composes 542.9 mln soms or 12%.

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Thu, 15 Feb 2018 10:01:11 +0600 http://kabar.kg/eng/news/6.7-bln-soms-collected-by-revenue-officers-for-january-2018/ http://kabar.kg/eng/news/6.7-bln-soms-collected-by-revenue-officers-for-january-2018/
RKDF allocates means to support entrepreneurs in regions Bishkek, Feb. 14, 2018. / Kabar /. The Russian-Kyrgyz Development Foundation (RKDF) allocated 100 million soms to Guarantee Fund JSC in order to intensify the work on the development of the regions, the RKDF reported.

The Guarantee Fund was created by the decision of the Government of the Kyrgyz Republic to assist entrepreneurs who have promising projects, but do not have sufficient deposit for obtaining a loan.

As part of the Fund's financing, the Guarantee Fund will provide guarantees to small and medium-sized businesses (SMEs) that operate in the regions of Kyrgyzstan.

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Wed, 14 Feb 2018 11:57:41 +0600 http://kabar.kg/eng/news/rkdf-allocates-means-to-support-entrepreneurs-in-regions/ http://kabar.kg/eng/news/rkdf-allocates-means-to-support-entrepreneurs-in-regions/