Foreign Investment - The Times Of Central Asia

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Foreign Investment Tourism

EDB to Finance Mountain Resort in Kyrgyzstan

On July 10, the National Investment Agency under the President of the Kyrgyz Republic, Vasta Discovery LLC, and the Eurasian Development Bank (EDB) signed a trilateral Memorandum of Cooperation on the construction of the Baytik mountain resort, an all-season tourism cluster in Kyrgyzstan’s northern Chui region. The EDB will act as the project’s creditor but the amount of the planned investment has yet to be declared. Following the signing of the agreement, Sergey Ignatov, EDB’s Senior Managing Director stated, "As a multilateral development bank, the EDB performs its investment activities so as to contribute to the economic growth of its member countries, the expansion of trade and economic ties, and the development of integration processes in the Eurasian space. Apart from its obvious integration potential, the Baytik Mountain Resort project is also expected to contribute to the development of tourism, an important sector of the Kyrgyz economy, which will have a positive impact on related industries and cultural exchange in Eurasia, and will become a significant growth point in this region." Talantbek Imanov, Director of the National Investment Agency highlighted the fact that the Baytik Mountain Resort represents the first foray into cooperation in Kyrgyzstan’s tourism infrastructure and outlining the project, announced: "The future resort includes 15 cable cars, 36 ski slopes exceeding 57 km, 4 tourist villages and a ski complex that meets the requirements of international top class competitions, including the Olympic Games and World Cup alpine skiing and snowboarding events.” The Baytik Mountain Resort will be constructed and developed by Vasta Discovery, a company with extensive experience in implementing large-scale tourism infrastructure projects. Emphasizing his company’s firm commitment to the project, Sergey Bachin, CEO of Vasta Discovery confirmed, "We are confident that there will be domestic demand for the resort and its services and that it will also become an important attraction for foreign tourists and inspire them to visit Kyrgyzstan."

Agricultural Produce USAID Foreign Investment Employment

USAID Equips Mega Fruit Storage Facility in South Kyrgyzstan

The United States Agency for International Development (USAID) has helped Kyrgyzstan’s Nookat Almasy Cooperative open the largest cold storage facility in the Nookat district of the southern Osh region. Deputy Chairman of the Cabinet of Ministers of the Kyrgyz Republic Bakyt Torobaev and USAID Mission Director in the Kyrgyz Republic Kaya Adams attended the facility’s opening ceremony. As reported by the U.S. Embassy in Kyrgyzstan, the new facility will generate 200 full-time jobs and assist local farmers in marketing and expanding sales of their produce. Thanks to cooling equipment worth $78,400 from USAID, the Nookat Almasy Cooperative’s new facility can now store locally grown apples and raspberries for up to four months. By extending their shelf life and enabling farmers to sell at a higher price when market conditions improve, the enhanced storage will help maintain market stability and ensure a reliable and consistent food supply throughout the year. Since 2018, the U.S. government has helped establish over 20 new cold storage facilities in southern Kyrgyzstan, more than doubling capacity to reach 12,500 tons, decreasing food spoilage by 40%, and creating income-generating activities for over 4,000 local farmers.

Bilateral Relations Foreign Investment International Cooperation

Kyrgyzstan and Switzerland Strengthen Cooperation

On July 3, Kyrgyzstan President Sadyr Japarov met the Federal Councilor and Minister of Foreign Affairs of Switzerland, Ignazio Cassis in Cholpon-Ata on Lake Issyk-Kul to discuss strengthening cooperation between the two countries. Switzerland has long conducted an expansive development program in Kyrgyzstan in sectors including economic development, governance, water, and infrastructure. The Kyrgyz president expressed satisfaction in their fruitful cooperation to date, with specific reference to the joint implementation of a dairy production enterprise in the Issyk-Kul region, as well as the reconstruction of the At-Bashi hydroelectric power plant, to which Switzerland has contributed over 20 million Swiss francs. Looking ahead, he proposed strengthening cooperation in the banking sector and tourism, and promoting the mining agenda. Japarov stated that in 2023 the volume of bilateral trade exceeded $1 billion and spoke of the need to increase that figure. On the same day, the Swiss Minister met the Minister of Foreign Affairs of the Kyrgyz Republic, Jeenbek Kulubaev. Following discussions on bilateral relations and the positive outcomes of projects supported by Switzerland and implemented in Kyrgyzstan, both parties agreed to intensify collaboration. As reported by the Embassy of Switzerland in the Kyrgyz Republic, the visit afforded Minister Cassis the opportunity to witness first hand, the progress of Swiss projects implemented in Kyrgyzstan for over $500 million since 1994. The visit concluded with an evening reception, organized by the Swiss Embassy, to celebrate the Swiss National Day.

Power plants Foreign Investment Renewable energy

Chinese Power Plant for Western Kazakhstan

On July 2, Kazakhstan’s MAEK LLP and China Huadian Corporation Ltd., represented by Huadian Kazakhstan Energy, signed an agreement for the joint construction of a combined-cycle gas plant in Aktau. The plant, aimed to meet the growing demand for electricity in Western Kazakhstan, is scheduled for commission in December 2026. As reported by Kazakh Invest, the Chinese State Bank has pledged finance for the project for up to 15-25 years at a rate below 5%. China Huadian Corporation is currently implementing the build of a combined-cycle gas plant in the Mangystau region of Kazakhstan. The $190 million project, which has the potential to integrate renewable energy sources, will serve as the primary supplier of power and help regulate peak loads at a local level.

Agricultural Produce Agricultural Export International Cooperation Foreign Investment Employment

New Plant for Deep Processing of Grain in Kostanay, Kazakhstan

At the Kazakh-Chinese Business Council meeting in Astana on July 2, the administration of Kostanay, Baiterek Venture Fund, KazFoodProducts, and the Chinese company Myande Group signed a Memorandum of cooperation for the construction of the Qostanay Grain Industry plant in Kostanay. As reported by Kazakh Invest, the plant for the deep processing of wheat into amino acids, bioethanol, gluten, animal feed, and wheat bran, when launched in 2027, will manufacture 430 thousand tons of products per year and create about 600 jobs. Hailing the agreement as an important step in strengthening bilateral relations, Rong Zhen, CEO of Myande Group, stated, “We see huge potential in the agro-industrial sector of Kazakhstan, and this cooperation will increase its efficiency and manufacturability and open up new opportunities for Kazakh products to enter the Chinese market." Alikhan Kairatbek, CEO of KazFoodProducts, added: "Based on the quadripartite agreement, it is planned to increase the production of starch molasses to 33 thousand tons per year for further use by domestic confectionery companies. New jobs will be created. Together with the Akimat (administration) of Kostanay region and Baiterek Venture Fund, we are launching large–scale projects in the field of agriculture and are very pleased to have a strategic partnership with Myande Group." Myande Group will also upgrade the AsiaGrowFood plant for deep processing of corn in the Almaty region to increase its production from 200 to 300 tons per day. Deep processing of grain is one of the most promising areas in the manufacturing industry regarding products with high added value. Kazakhstan annually harvests 16-17 million tons of grain, a third of which are exported. Over 260 different types of products with added value can be produced from grain.

Healthcare AstraZeneca Foreign Investment

AstraZeneca Manufacture of Medicines in Kazakhstan

On July 2, the British-Swedish pharmaceutical giant AstraZeneca and Kazakhstan’s SK-Pharmacy signed a long-term contract for the establishment of production and technology transfer in Kazakhstan, and the direct supply of original patented medicines manufactured in Kazakhstan by SK Pharmacy. "Today, SK-Pharmacy and I signed an important agreement that reflects our company's plans to produce medicines in Kazakhstan,” said Maria Shipuleva, CEO of AstraZeneca in Kazakhstan. “AstraZeneca's innovative drugs will be produced at the site of a domestic manufacturer, Nobel Almaty Pharmaceutical Factory JSC. In particular, it is planned to contract the production of drugs for the treatment of diabetes mellitus, chronic heart failure, chronic kidney disease, for the treatment of chronic lymphocytic leukemia and mantle cell lymphoma, for the treatment of ovarian cancer, breast cancer, prostate cancer, pancreatic cancer, as well as for the treatment of non-small cell lung cancer. We hope that our activities within the framework of a long-term agreement with SK–Pharmacy will help further develop the country's healthcare system and, most importantly, improve the quality of life of our Kazakhstani patients.” Yerzhan Yelekeyev, Chairman of the Management Board of Kazakh Invest, commented that the long-term agreement between AstraZeneca and SK-Pharmacy LLP will provide a positive impetus to implementing an investment project for the contract production of biotechnological drugs in Kazakhstan.