Its main function will be to support small- and medium-sized businesses, according to comments made by the British ambassador to Kyrgyzstan Nicholas Bowler during a recent meeting of the Kyrgyz-British Business Council. “Britain is interested in cooperation in mining, agriculture, consulting, the financial sphere, information technology, education and some other areas,” said Bowler.
According to him, Britain intends to invest £19.5 million ($24.5 million) to create a venture capital investment fund in the country. The series of funds will seek investments in small- and medium-sized enterprises with high potential in the region. The British embassy and business community intend to maintain contacts at the International Business Council and develop trade and economic relations between the two countries.
Ambassador Bowler said that the UK is also interested in mining metals and minerals in Kyrgyzstan. In the near future British geologists will begin work to digitize the republic’s geological data. In addition, Bowler said, negotiations are underway to engage the international consulting company Boston Consulting Group to develop a joint mining strategy.
“Work is now underway in Kyrgyzstan to introduce English commercial law. In the south of the country, United Concrete Canvas is planning to start construction of a concrete canvas [canal lining] plant in the near future, which demonstrates the trust and interest of British companies in Kyrgyzstan,” said Kyrgyz ambassador to the UK Ulan Jusupov at the meeting.
At the end of 2023 bilateral trade volume between Kyrgyzstan and the UK amounted to $92 million. This represented an increase of 287% on the previous year, as European nations looked for new trading partners in Central Asia, and searched for a way for their firms to get their goods into Russia with less scrutiny.
Recently the British authorities have adopted a new trade scheme for developing countries. Under the scheme, Kyrgyzstan can export to the UK more than 8,000 different types of goods at reduced or zero tariffs. So far the main export items are gold, generators, and chemical products.
