Kyrgyz prime minister names key investment attraction measures

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BISHKEK (TCA) — Speaking in the parliament on March 31, Kyrgyzstan’s Prime Minister Temir Sariyev outlined key measures aimed at the country’s economic development, the government’s press service reported.

Sariyev indicated seven principles for investment attraction, creation of a favorable investment environment, and export promotion:

First, institutional aspects: to guarantee the safety of investments and protection of ownership rights. To interfere in large investment projects by a court decision only.

Second, infrastructural projects: to speed up the connection of infrastructural projects to utilities networks, construct a transnational railroad, and develop international transport routes.

Third, fiscal aspects: to lower the tax burden, to reduce the number of procedures and documentation of customs clearance.  

Fourth, the labor market: to improve vocational training and liberalize the import of qualified labor force.

Fifth, financial aspects: to provide the economy with long and cheap money, to revise the concept of operation of the Russian-Kyrgyz Development Fund in order to expand the range and increase the affordability of financing.

Sixth, technological modernization of production facilities: to create an Industrial Development Fund, to introduce new technology to agriculture (drip irrigation, greenhouses).

Seventh, access to new export markets: creation of logistics centers for agricultural products, promotion of organic agriculture, tax exemptions for new enterprises.

The Prime Minister also said that last year Kyrgyzstan attracted $818.8 million of direct foreign investment, a 12.6-percent increase compared to the previous year.

Sergey Kwan

TCA