Chairman of Cabinet of Ministers of Kyrgyzstan holds meeting of Investment Council

Bishkek, Sept. 20, 2022. / Kabar /. Chairman of the Cabinet of Ministers of Kyrgyzstan Akylbek Zhaparov held a meeting of the Investment Council under the Cabinet of Ministers.

The event was attended by representatives of business associations, international organizations and government agencies, the press service of the Cabinet reported.

The head of the Cabinet expressed gratitude to business representatives, ordinary citizens for providing humanitarian and financial assistance in these difficult days for the country.

“We have a lot of restoration work ahead of us. I would like to express my gratitude to business representatives and ordinary citizens for their assistance these days. The whole country will cope with the difficulties,” he said.

Akylbek Zhaparov noted that last year the country received more than USD 1 billion of investments and stressed the importance of introducing new approaches in attracting investments.

“The Cabinet of Ministers faces rather large-scale ambitious tasks. We have set the task of ensuring GDP growth of at least 6% this year, and following the results of 8 months of 2022, the growth is 8%. We are coming out on top in terms of economic growth, wage growth, and income growth among the EAEU countries. I hope that in the next 5-6 years we will continue this trend. We have increased trade thanks to fiscal reforms without introducing any new taxes, without increasing the tax base. Due to fiscalization, the introduction of electronic invoices, cash registers, virtual warehouses, we tried to increase the revenue side of the budget at times. We need new approaches, new investments. I hope that the projects for the construction of the Kambar-Ata HPP-1, the China-Kyrgyzstan-Uzbekistan railway will become locomotives for attracting investments,” the head of the Cabinet said.

During the meeting of the Investment Council its participants discussed the issues of developing a Program for the Kyrgyz Republic to enter the international capital market, developing non-cash payments and introducing new financial instruments, developing renewable energy sources, licensing the use of groundwater for agricultural needs, improving labor legislation in terms of achieving a balance of interests of workers and employers.

As a result of the meeting, a number of decisions were made on the development and submission of relevant documents to the Cabinet of Ministers.