Kyrgyzstan Business & Economy - The Times Of Central Asia

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Kyrgyzstan Seeks to Expand Ties with South India

On December 21st and 22nd, the Ambassador of the Kyrgyz Republic to India, Askar Beshimov paid a working visit to Chennai, Tamil Nadu state in southern India, discussing the possibility of using the port of Chennai in trade with the Kyrgyz Republic. The main event during the visit was a Kyrgyz-Indian business forum held on December 21st, organized by the Embassy of the Kyrgyz Republic in India jointly with the Indian Economic Trade Organization (IETO). The forum was attended by the Minister of Foreign Affairs of the state of Tamil Nadu, the consuls-general of a number of countries, the President of IETO, representatives of the business community, the academic sector, agencies in the field of education and human resources, and banks of South India. In his speech, Ambassador Beshimov focused on the main aspects of bilateral trade, economic, investment and cooperation, as well as interaction in the field of human resources, education, and tourism. He emphasized that investments and trade with Kyrgyzstan can open doors for Indian companies to the entire Eurasian Economic Union market. Indian ministers, the IETO President, and business representatives expressed their interest in expanding economic ties with Kyrgyzstan. As a result, an agreement was reached to organize a visit of a business delegation from South India to Kyrgyzstan in 2024.

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Import of Chinese Cars to Kyrgyzstan Surges, with Russia as Final Destination

A total of 57,000 cars were imported into Kyrgyzstan from China from January-November 2023, according to China’s customs statistics, more than a 49-fold increase compared to the 1,200 vehicles imported from January-November 2022. In monetary terms, imports increased 62-fold, and the average car price increased by over 25% - up to $29,700. In November, the official website of the State Council of the People's Republic of China reported that exports of cars through the land port in the Kizilsu Kyrgyz Autonomous Prefecture in western Xinjiang (bordering Kyrgyzstan) has surged about fourfold this year to reach 35,000. According to the port management committee, nearly 80% of those cars were new energy vehicles. Chinese vehicles are mainly exported to Russia via Central Asian countries, Chinese officials say. Since the introduction of Western sanctions against Russia over its invasion of Ukraine, China has become the main supplier of new cars to the Russian Federation, accounting for about 80% of all imports.

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Kyrgyzstan to Start Exporting Electricity in 2026, Says PM

In 2026, Kyrgyzstan will reach a surplus in the power generation sector and begin exporting electricity, Akylbek Japarov, the Chairman of the Cabinet of Ministers-Head of the Administration of the President of the Kyrgyz Republic, said on December 15th at the People's Kurultai (an assembly of representatives of the public from all regions of the country). The prime minister said that in order to eliminate shortages of electricity, five small hydroelectric power plants of 71 MW each, five solar power plants, and a second hydroelectric unit at the Toktogul hydroelectric power plant were put into operation in 2023. In 2024, the country’s power generation capacity will increase by 178 MW, with 25 small hydroelectric power plants and another hydroelectric unit at Toktogul being put into operation. Solar power plants with a capacity of 700 MW and the hydroelectric power station Bala-Saruu with a capacity of 5 MW will also be commissioned in the Talas region. The head of the Cabinet of Ministers focused on the implementation of these large energy projects. “Preparatory work for Kambarata HPP-1 is being completed: tunnels, roads, lines,” Japarov said. “Negotiations are underway with the World Bank on the first phase of its construction. The design of the Kazarman, Kokomeren, Chatkal cascades, and the Kemin-Torugart line with a capacity of 500 kilovolts will begin. In 2024, work on the Kyrgyz part of the CASA-1000 [electricity transmission] project will be completed. In two years, the Kulanak hydroelectric power plant will start operating. In 2026, we will reach a surplus in the energy sector and begin exporting electricity.” The Chairman of the Cabinet of Ministers also said that in 2024, Kyrgyzstan will begin exporting coal to China from four deposits, and a coal enrichment plant will be built in the Naryn region by 2025.

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President Speaks about Fighting Corruption, New Trade Routes in Eurasia

On December 15th, President Sadyr Japarov addressed the second People’s Kurultai, a national assembly of representatives of the public, to discuss current issues of national importance and develop joint proposals to promote reforms. In his speech, the President laid particular emphasis on the fight against corruption. “Corruption is a social evil not only of our people, but of all countries of the world. Because of corruption, our country did not develop for almost 30 years, only a few people became rich, and the common people lived in poverty. Currently, anti-corruption measures are in full swing. Billions of dollars are being returned to state coffers,” Japarov said, adding that a war is also being waged against organized criminal groups. “No investor will invest money in a country with criminal elements. In addition, some officials continue to obstruct investors and engage in bribery and lobbying. All these phenomena harm the image of the country. In this regard, the merciless fight against corruption will continue and intensify,” the President promised. President Japarov also touched upon the topic of new trade routes for Kyrgyzstan. “Kyrgyzstan is located on a unique trade route — the Great Silk Road between Europe and Asia. Occupying a convenient geographical location on trade routes, our country can become a bridge between East and West. For this purpose, a new multimodal transport route, the ‘Southern Corridor’ is being developed. In addition, work is underway to open a southern air corridor, which will strengthen air traffic between Kyrgyzstan and China, and connect the airports of Osh and Kashgar. “At the same time, construction of the China–Kyrgyzstan–Uzbekistan railway will begin in the near future. The pilot project for transporting cargo containers in transit by rail from China to Afghanistan via Kyrgyzstan and Uzbekistan will continue. The issue of launching a pilot container train linking Iran–Turkmenistan–Uzbekistan-Kyrgyzstan is also being considered. I am confident that these initiatives and ongoing projects will allow Kyrgyzstan to reach a new level of transport and logistics communication with the outside world,” President Japarov concluded.

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EDB Forecasts Economic Growth for Kazakhstan, Kyrgyzstan and Tajikistan in 2024

The Eurasian Development Bank (EDB) has published its macroeconomic outlook for the Bank’s six member states — Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan. Bank analysts anticipate that GDP across the region’s countries will be close to a balanced growth path. Projections indicate a GDP growth in 2024 of 5.7% in Armenia, 2% in Belarus, 5% in Kazakhstan, 4.5% in Kyrgyzstan, 1.5% in Russia, and 7.3% in Tajikistan. According to EDB analysts, following Kazakhstan’s economic growth of 4.8% in 2023, an acceleration in GDP growth is anticipated for 2024, further bolstered by high investment activity. The expected decrease in interest rates is poised to provide an additional impetus. In the medium term, structural transformations are set to improve the quality of economic growth by expanding opportunities in manufacturing and service industries. Economic diversification creates prerequisites for an anticipated acceleration in 2025 and 2026, positioning Kazakhstan as a leader among Eurasian Economic Union member states in terms of growth rates. Strong domestic demand supported high economic activity in Kyrgyzstan and Tajikistan in 2023. EDB analysts project a slight deceleration in these countries in 2024, albeit with GDP growth rates still noticeably higher than the global average.

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Chinese Investors to Build Trade and Logistics Complex in Chui Region

Chinese Investors to Build Trade and Logistics Complex in Chui Region Chinese investors are set to build a trade and logistics complex in the Chui region at a total cost of over $700 million. Akylbek Zhaparov met with a delegation from the Chinese Chamber of Commerce for International Cooperation headed by Deputy Chairman Liu Yan. During the meeting, the head of the Cabinet of Ministers proposed the issue of investment by the Chinese side in projects in the field of renewable energy sources. In turn, Yan expressed the Chinese sides readiness to develop further bilateral cooperation in the sphere of investment. Within the framework of the meeting, a signing ceremony was held between the Cabinet of Ministers and OcOO Kyrgyz-Chinese Investment Holding on the implementation of the investment project, Eurasian Trade and Logistics Complex. The complex will include a shopping center, an international exhibition center, a warehouse and logistics center with bonded areas, large equipment marketplaces, and housing and hotel complexes.