Business Support - The Times Of Central Asia

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Turkmenistan and U.S. Representatives Explore Prospects for Economic Partnership

A Turkmen-American business forum was held in Ashgabat to discuss opportunities for expanding economic cooperation between Turkmenistan and the United States. The event brought together a delegation of American business leaders led by Eric Stewart, Executive Director of the Turkmen-American Business Council. In their remarks, representatives from both sides emphasized the friendly and cooperative nature of Turkmen-American relations, reaffirming their commitment to deepening ties based on mutual benefit. Turkmenistan, focused on economic diversification and the adoption of advanced technologies, expressed readiness to support U.S. companies in establishing and expanding operations in the Turkmen market. It was highlighted that Turkmenistan offers favorable conditions for investors, including legal and organizational mechanisms to facilitate business activities. The U.S. delegation underscored the strong interest of leading American companies in the Turkmen market and their willingness to contribute to strategic programs aimed at regional development. Companies such as John Deere, Case, General Electric, Boeing, and others are already operating successfully in key sectors of the Turkmen economy. Discussions during the forum centered on priority areas of collaboration, including: Industry, agriculture, and water resources: Supplies of advanced equipment to boost productivity. Fuel and energy sector: Joint projects to advance energy infrastructure. Transportation and construction: Enhancing connectivity and infrastructure development. Innovative technologies, healthcare, and ecology: Promoting sustainable solutions and technological progress. Special attention was given to the role of the Turkmen-American Business Council as a key platform for fostering partnerships between public and private sectors in both countries. Meetings between Turkmen ministries and agencies and representatives of the U.S. business community took place as part of the forum. Discussions focused on opportunities to increase bilateral trade, expand investment activities, and enhance cooperation in high-tech industries. Participants outlined practical steps for implementing joint projects to further strengthen economic ties. Turkmen-American cooperation continues to develop across multiple sectors. Notable recent engagements include: February 2024: The U.S. State Department hosted talks with a Turkmen delegation led by U.S. Deputy Assistant Secretary of State for Central Asia, John Pommersheim, covering political, economic, and cultural cooperation. April 2024: Political consultations in Ashgabat reaffirmed mutual commitments to enhancing bilateral ties. August 2024: Turkmen Deputy Foreign Minister Ahmed Gurbanov met with U.S. Ambassador Elizabeth Rood to discuss future collaboration prospects. Both sides highlighted the importance of regular political consultations and multilateral platforms such as the C5+1 format for coordinating joint actions and fostering regional development.

EBRD Banking Business Support Economic Reforms Economy growth International Finance

EBRD’s Transformative Investments in Kyrgyzstan: An Interview With Hüseyin Özhan, Managing Director for Central Asia

The European Bank for Reconstruction and Development (EBRD), established in 1991, has been working in the Kyrgyz Republic since 1992 and has invested in over 250 projects amounting to over €1 billion. TCA sat down with Hüseyin Özhan to discuss the bank’s operations in Kyrgyzstan. TCA: Could you briefly introduce the EBRD and its main objectives within Kyrgyzstan? Özhan: The European Bank for Reconstruction and Development (EBRD) is owned by 73 shareholders as well as the EU and the EIB and has been operating in Kyrgyzstan for over 30 years. During this time, we have invested in more than 250 projects, surpassing €1 billion in total investments across the country. As an international financial institution, our operations in Kyrgyzstan are guided by a country strategy jointly prepared by the EBRD and local stakeholders and approved by the Bank’s Board of Directors. This year marks a significant milestone, as we have approved a new five-year country strategy outlining our priorities in Kyrgyzstan. We focus on fostering private sector growth and enhancing competition and also invest in infrastructure and sovereign-guaranteed projects. These efforts position the EBRD as one of the most influential international players in Kyrgyzstan. TCA: You mention the bank recently approved its new five-year strategy for Kyrgyzstan; could you share what this plan entails? Özhan: Our country's strategies are built on diagnostics conducted to identify transition gaps. These strategies align with the EBRD’s Strategic and Capital Framework and the Bank’s medium-term strategy and combine elements of the reform agenda and investment needs. The new strategy for Kyrgyzstan focuses on three key priorities: private sector development and competitiveness, the green economic transition with an emphasis on decarbonization and energy efficiency, and improved connectivity across the country. These priorities align closely with Kyrgyzstan’s recent reform agenda and development goals, which aim to enhance competitiveness, attract foreign investment, boost trade, and strengthen the country’s regional relevance. Decarbonization and resource efficiency are particularly critical, as Kyrgyzstan is significantly impacted by regional water scarcity. This makes sustainable water management a central focus, with numerous projects planned to support sustainable development in this sector. Additionally, developing the private sector, particularly local businesses, is vital. The EBRD works closely with the government in this regard, not only by providing funding but also through initiatives like “risk-sharing networks” and advisory programs for small businesses. These efforts help enhance productivity, relevance, and competitiveness, ensuring that Kyrgyzstan’s private sector is well-equipped to thrive in the market. TCA: How does EBRD’s mission differ from other development banks or financial institutions in the region? Özhan: Our institution has a slightly different approach to delivering our work and fostering transition in Kyrgyzstan. Unlike some other international financial institutions (IFIs) that provide budget support, the EBRD operates on a project-by-project basis and channels most of its resources to support good private-sector initiatives. A recent example of project finance is the signing of water projects in three cities in Kyrgyzstan. These sovereign lending agreements, signed with the Ministry of Finance, aim to modernize regional water...

Economic Cooperation Regional Development International Cooperation Silk Road Economic Belt Business Support International investment

American Chamber of Commerce in Kyrgyzstan: Future Development and Investment Climate

As Central Asia continues to become a regional hub for trade and innovation, The Times of Central Asia spoke with Altynai Asanova, the Executive Director of the American Chamber of Commerce in the Kyrgyz Republic, to discuss the investment climate in Kyrgyzstan, economic trends, and future development. TCA: I see that your background is primarily in hotel management and sales; how did you transition from this role to your current position? “My background includes 18 years in the hotel business. Ten years at Hyatt, starting in food and beverage and ending in the hotel sales department; then, I worked at the Orion Hotel for the pre-opening and opening stage for about three years. After this, I was hired by Sheraton, one of the Marriott chain hotels, to work on the pre-opening and opening stage for two years. I was still involved with the business audience and wanted to continue working with the stakeholders and companies who know me.” TCA: How would you describe the hospitality industry in Kyrgyzstan? Is it mainly in Bishkek or other regions? “It is developing; before, it was only the Hyatt. Now, there are three or four chain hotels in Bishkek. It is good that there are more players in the market. It is developing day by day. The development is mainly in Bishkek, but we have good perspectives for Issyk Kul as long as the roads and infrastructure are completed. The chain hotels are also becoming interested in Issyk Kul. The good thing is that enough businessmen understand and accept the market challenges in Issyk Kul. They know it will not be financially stable at launch since the busy season is only about 50 days. But if the hotels provide full service and comfort, people will travel there for the full season.” TCA: Stepping away from hospitality, what did American investment in Kyrgyzstan look like ten years ago?” “Before, there was an American base in Kyrgyzstan. During that time, the hospitality business was amazing. The rates were high considering the charter flights and pilots who needed a place to stay. Now, these rooms are listed at the lowest rates. At that time, the Hyatt was the only five-star hotel in Bishkek, so all the American guests were staying at the Hyatt. The investment climate dropped after the U.S.-Kyrgyzstan agreement ended. There is opportunity, but it goes slowly.” TCA: Since then, what has changed in the business climate? “Business-wise, if we look from the angle of the association, we do not have any purely American business; we have franchise members: KFC, Hyatt, Sheraton, and some banks. It would be nice to have purely American [businesses] here.” TCA: Who are the current major investors in the Kyrgyz market? And is competition relevant to win contracts with local companies? “China, Russia, Kazakhstan, the Netherlands, and Turkey are the main investors. Before making any contracts or tenders, we need to understand the possibilities of our market, ‘Is our country ready to accept this level of business?’ The first question...

Business Support Economy Export/Import US Investments

Prime Minister of Kyrgyzstan Holds Meeting with U.S. Business Mission

The Kyrgyz Chairman of the Cabinet of Ministers - Head of the Presidential Administration, Akylbek Japarov met with a business mission from the United States. The session was organized by the American-Kyrgyz Business Council, the Cabinet of Ministers of the Kyrgyz Republic press service reported. Representatives from several significant companies attended the meeting, including Abbott, Coca-Cola, GE Vernova Inc., OpenWay, Thomas Greg & Sons Limited, VISA, White & Case, and Jones Equity Fund. The parties discussed measures to develop and strengthen cooperation between the business communities of Kyrgyzstan and the United States, focusing on inter-bank collaboration, investment, digitization, and energy. Japarov spoke about the favorable investment climate in Kyrgyzstan and the government's efforts to create convenient conditions for doing business. During his working trip to the United States in April 2024, Japarov invited American business-people to visit Kyrgyzstan, stating that he hoped the visit would allow American business community to become acquainted with Kyrgyzstan's trade and investment potential, establish contacts, and cooperate with the local business community. Representatives of the American companies which are members of the U.S.-Kyrgyz Business Council confirmed their interest in expanding business ties between the two countries.

Training Start-ups Entrepreneurship Business Support

Success of Kazakhstan’s JobEscape Start-up

Kazakhstan’s largest venture fund, Tumar Venture LP, whose key investors are the World Bank and the Kazakh Ministry of Digital Development, Innovation and Aerospace Industry, has invested a further 250 thousand US dollars in the Kazakh start-up JobEscape. As announced by the Ministry of Digital Development on 17 June, the total investment in the project now stands at 450 thousand US dollars. JobEscape is a platform that facilitates the acquisition of new skills required to start a freelancing career, through the provision of solutions unique to freelancers and career changers, access to training and a wide range of AI tools. A global project, JobEscape has users from the USA, Canada, Australia, and European countries. Regarding funding, Aslan Sultanov, CEO of Tumar VF, stated: “We invested in JobEscape in the last round and have seen the project grow from literally $10,000 in monthly revenue to almost $1 million in annual revenue. Seeing this dynamic rise, we are confident that the start-up has the potential to grow into a billion-dollar company with roots in Kazakhstan. We are pleased to support the team in creating such a global initiative.” Similarly encouraged by the platform’s development, Miras Sovetov, CEO and co-founder of JobEscape, said: “At the moment, the company’s annual revenue is already close to $1 million. The goal is to grow to US$6 million in 2025. The product is now being widely used in Western markets due to the rapid development of products in the field of AI. Investments in this round will help the company increase its customer base and increase the number of AI tools on the platform. Investors from the UAE and Azerbaijan are already entering the project, which confirms its competitiveness in the global market. The next step will be raising money from American funds for further growth and potential exit (sale of the start-up).”

UNDP Export Business Support

UNDP Supports Export Promotion Center in Kyrgyzstan

A much welcomed export development and promotion center has been launched in Kyrgyzstan with support from the United Nations Development Programme (UNDP). According to a report by the UNDP in Kyrgyzstan on May 7, the key aim of the Kyrgyz Export Center is to offer advice and equip Kyrgyz companies with skills and knowledge to navigate and succeed in international trade. Local businesses are promised access to a wide range of beneficial services including the provision of data and analysis of potential international markets and step-by-step guidance in entering foreign markets. Help will also be available to enable companies to fully exploit their export potential through programs tailored to maximize growth and competitiveness. In addition, local companies will be encouraged and offered support to participate in trade missions and international exhibitions through which they can showcase their products to a global audience. Emphasizing the organization’s commitment to best international practices, Urmat Takirov, director of the Kyrgyz Export Center, stated, “We strive to apply the best practices and approaches adopted in international business to ensure the best results in the development of export-oriented companies in Kyrgyzstan.”