Kyrgyzstan Business & Economy - The Times Of Central Asia

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Job Creation Main Task of Government in 2024, Says PM

The creation of at least 250,000 jobs is one of the most important tasks of the Cabinet of Ministers for 2024, the Chairman of the Cabinet of Ministers and Head of the Administration of the President of the Kyrgyz Republic, Akylbek Japarov stated at a cabinet meeting on January 11th. “This year should be a breakthrough in all respects,” the minister said. “Yesterday marked three years since Sadyr Japarov became president. During this time, we have managed to do a lot, and we are already seeing the results of this work.” Japarov went on saying that the creation of new industries, the development of the agricultural sector, the opening of new mining projects, the launch of railway construction and building large hydropower facilities will speed up the implementation of the goals planned for 2024. “In the near future, a list of a hundred large industrial facilities that should be launched this year will be approved,” said Japarov. Addressing an acute shortage of qualified labor in the construction and clothing industries, Japarov said that “many clothing enterprises have to attract foreign labor, while our citizens are in labor migration outside the country. Therefore, this whole range of issues should be a priority for all government bodies.”

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Japanese Company to Develop Kyrgyzstan’s Coal Industry

On January 11th, the Ministry of Energy of the Kyrgyz Republic, the Kyrgyzstan-Kagoshima Friendship Association, and the Japanese company, SENTO GROUP Co., Ltd signed a trilateral Memorandum of Cooperation in the coal industry. The document was signed by the Minister of Energy, Taalaibek Ibraev, the Director of the Kyrgyzstan-Kagoshima Friendship Association, Ono Sumiyosu, and the Director of the SENTO GROUP, Kurenuma Shintaro, the Kyrgyz Ministry of Energy stated. The memorandum comes as a follow-up to negotiations on the development of cooperation between the two countries during the visit of the President of the Kyrgyz Republic, Sadyr Japarov to Japan in November 2023; it provides for cooperation between the parties in the exploration of coal deposits, mining, construction of a coal processing plant and a logistics center, as well as the provision of jobs for the local population in coal mining using modern technologies. The Japanese side has also expressed interest in cooperation in the field of hydropower in Kyrgyzstan. The Kyrgyzstan-Kagoshima Friendship Association was created in 2012 by Japanese activists in order to develop comprehensive relations between Japan and the Kyrgyz Republic, and is actively involved in attracting investment to Kyrgyzstan. Founded in 2009, SENTO GROUP Co., Ltd. has extensive experience in carrying out infrastructure work using modern technologies in road construction, restoring infrastructure after natural disasters, and producing equipment for solar power plants.

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Bishkek Delegation Visits Chinese Solid Waste Enterprise

Mayor Zhyrgalbek Shamyraliev, together with a group of his representatives and Ulana Bakirova, an expert from the Information Policy Service of the Presidential Administration, visited Hunan Junxing Company in Changsha, China. The purpose of their visit was to study advanced waste treatment methods and familiarize themselves with the transportation and logistics complex. Hunan Junxing is a high-tech enterprise engaged in the development and implementation of innovative methods for municipal solid waste treatment, municipal wastewater treatment, landfill leachate treatment, fly ash utilization, and other types of waste. The technologies used include advanced methods of physical and chemical treatment and mechanical sorting, which allows the company to effectively solve the problems of environmental pollution and waste utilization. During the visit, the delegation was shown the transshipment complex of the Hunan Junxing Company, and received information on the operation of the waste utilization plant. The potential prospects for the application of technologies implemented in Changsha being adopted in Bishkek were high on the agenda. At the end of the meeting, a ceremony was held with the company gifting two advanced garbage trucks to the Bishkek administration. During the visit, a meeting was also held with Gao Wenqi, Deputy Mayor of the People's Government of Changsha, wherein the parties discussed the development of infrastructure of the city, and prospects for cooperation in the areas of trade, economy, culture, and the social sphere.

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Kyrgyzstan Bans Inspections of Businesses Until End of 2024

On January 9th, the President of the Kyrgyz Republic, Sadyr Japarov signed a Decree “On the introduction of a temporary ban (moratorium) on conducting inspections of business entities.” The Decree has been issued with the purpose of stabilizing the economic activities of businesses, ensuring the further development of the business environment, improving the investment climate, and eliminating unjustified and unnecessary interference by government bodies, the presidential press service said in a statement. The moratorium will run until December 31st, 2024. In a post on Facebook, President Japarov called on representatives of small and medium-sized businesses to report unjustified inspections to him. Japarov wrote that only enterprises against which a criminal case has been initiated will be subject to inspections. “If representatives of government agencies come to check businessmen without reason, without identifying signs of an economic crime, you can contact me through the Presidential Administration,” Japarov stated, promised that measures will be taken in such cases.

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ADB and Kompanion Bank to Boost Financing of Women-Led and Small Businesses in Kyrgyzstan

As reported in a news release on its website, on December 28th the Asian Development Bank (ADB) and Kompanion Bank Closed Joint Stock Company on December 28th signed off a loan of up to $5 million in local currency financing to boost micro, small, and medium-sized enterprises (MSMEs) in Kyrgyzstan, especially those owned or led by women. Established in 2004, Kompanion Bank is one of the large commercial banks in the Kyrgyz Republic and dominates the MSME market through its wide network with 93 branches across the country. More than half of Kompanion’s portfolio is with micro and small enterprises. “Women account for about a third of entrepreneurs in the Kyrgyz Republic, but they nevertheless face significant challenges in accessing financial services and credit,” said ADB Director General for Private Sector Operations, Suzanne Gaboury. “This partnership with Kompanion Bank will help bridge the financing gap for women-led small businesses, as well as provide a strong case for the sustainability of local currency lending to these companies.” To strengthen development impact and address finance and bankability constraints, transactions incorporate a credit guarantee from the Asian Development Fund’s (ADF) Private Sector Window facility (PSW) of up to $2.3 million. ADB will also provide technical assistance to Kompanion Bank to enhance its digital capabilities and operational efficiency. “We are happy to be a partner with ADB in this initiative to support micro and small entrepreneurs in the Kyrgyz Republic. We believe that our experience in the MSME market will allow us to make a significant impact on the local economy, and we look forward to working closely with ADB for the benefit of our clients and the community,” said Kompanion Bank CEO, Margarita Cherikbaeva. ADB will also help Kompanion Bank to develop a gender action plan to promote gender equality and women’s empowerment in its business activities. Key activities will include increasing the number of women borrowers and delivering training on improved agricultural practices and digital and financial literacy for female clients.

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EEU Leaders Seek to Strengthen Position of Economic Bloc

A meeting of the Supreme Eurasian Economic Council was held in St Petersburg on December 25th. The meeting was attended by leaders of the Eurasian Economic Union (EEU) member countries - the Prime Minister of Armenia, Nikol Pashinyan, President of Belarus, Alexander Lukashenko, President of Kazakhstan, Kassym-Jomart Tokayev, President of Kyrgyzstan, Sadyr Japarov, and President of Russia, Vladimir Putin. Opening the meeting, Russian President Putin said that the Eurasian Economic Union will soon be ten years old, and over this period, the mutual trade between its member countries has almost doubled and the aggregate GDP of the EEU countries has grown from US$1.6 trillion to US$2.5 trillion. “We have created deep common markets for goods, services, capital, and workforce, which are operating in line with agreed-upon rules. The main point is that the Eurasian Union has become an authoritative international integration association with an efficient structure and a good foundation,” he said. Putin added that the work on aligning integration processes within the EEU and China's Belt and Road Initiative is also yielding results. The Council’s meeting adopted the declaration “Eurasian Economic Path,” which is aligned with China’s Belt and Road Initiative.