Investment and Export Promotion Agency created in Kyrgyzstan

BISHKEK (TCA) — Kyrgyzstan has established the State Investment and Export Promotion Agency under the Ministry of Economy.

The decision aims at improving the quality and efficiency of investment and export promotion, and increasing the export potential and competitiveness of domestic producers, said the press service of the Economy Ministry.  

The new Agency has been created on the basis of the Investment Promotion Agency under the Economy Ministry, which assisted in promotion of investment projects in Kyrgyzstan.     

The new, reorganized Agency will be in charge for attracting investments and assisting domestic exporters in the search of new export markets, including in the member countries of the Eurasian Economic Union.    

The National Statistical Committee of the Kyrgyz Republic earlier reported that foreign direct investments (FDI) in Kyrgyzstan reduced 2.1-fold on-year and amounted to $150 million in the first quarter of 2016.

Most FDI during that period (87 percent) came to geological exploration, financial and insurance sectors, and processing industries.

In 2015, Kyrgyzstan received FDI totaling $1.573 billion compared to $727 million in 2014.

Most FDI came from Russia ($515.488 million), China ($474.412 million), the UK ($189.508 million), Canada ($130.250 million), and Turkey ($111.112 million).

Among economic sectors, most FDI in 2015 came to geological exploration — $261.9 million or 16.6 percent (mainly from Kazakhmys); processing sector — $564.7 million or 35.9 percent (Kumtor, cement plants); energy sector — $136.7 million or 8.7 percent (mainly from Gazprom); construction sector — $107 million or 6.8 percent (Bishkek Park); wholesale trade — $64.8 million or 4.1 percent (equipment imported from Belarus); and financial sector — $411.8 million or 26.2 percent (the US and Netherlands).