The week turned out to be noticeably busy compared to the previous one. With the onset of cold times, Kazakhstan began to return electricity to the country, official structures of the country invite investors to develop the textile industry, and although external trade has decreased, gold production in the country has increased. There is a forecast about the possible economic growth, although not earlier than the middle of next year. However, the demand for foreign currency led the National Bank to enter the foreign exchange market with an intervention for the first time since the pandemic. It is reported that the level of production in agriculture has increased.
In general, the economic week showed a somewhat optimistic layout of the future business environment in the country.
Return of electricity. This week Kazakhstan began to return the equivalent volume of electricity previously received from Kyrgyzstan.
According to the statement of the National Energy Holding, earlier, in pursuance of the order of the Government of the Kyrgyz Republic dated June 23, 2020, an agreement was signed between Electric Power Plants OJSC and the authorized energy company of Kazakhstan on the exchange of electrical energy in an approximate volume of up to 300.0 million kWh.
As part of the exchange of electricity in the period from June to August 2020, the volume of electricity supplied from the Kyrgyz Republic to the Republic of Kazakhstan promptly amounted to 300.0 million kWh.
Pakistani textile. This week, Kyrgyz Ambassador to Pakistan Erik Beishembiev discussed with director of the Pakistani textile company Ashfaq Ahmad Khan and head of the Malik Enterprise investment company Shehriyar Malik the possibility of opening production facilities in Kyrgyzstan.
The Ministry of Foreign Affairs of the Kyrgyz Republic said that at the meeting the sides also discussed the prospects for investment cooperation, the expansion of trade and economic relations between Kyrgyzstan and Pakistan and the establishment of direct business contacts between private enterprises of two countries.
On the results of the meeting, the Pakistani side informed about its intention to visit Kyrgyzstan on a business visit in the near future, the Foreign Ministry said.
Decreased turnover. The trade turnover between Kyrgyzstan and Russia has decreased due to the COVID-19 pandemic.
Deputy Prime Minister of Kyrgyzstan Erkin Asrandiev said at the 22nd meeting of the Intergovernmental Kyrgyz-Russian Commission on Trade, Economic, Scientific, Technical and Humanitarian Cooperation this week that this gives impetus to make more efforts to improve the situation.
Alexey Overchuk, who had visited Bishkek to participate in the meeting, also stated that the coronavirus has made its own adjustments. He noted the decline in trade between the two countries.
“This situation is stimulating to look for new ways of recovery,” he said.
The production is growing. It was announced this week that the volume of industrial production in Kyrgyzstan in January-August 2020 amounted to more than KGS 205 billion 626 million. At the same time, excluding the Kumtor enterprise, it amounted to KGS 88 billion 317.2 million.
Prime Minister of the country Kubatbek Boronov said that the production of basic metals and finished metal products, except for machinery and equipment, increased in Kyrgyzstan by 11.6%.
“The mining industry worked continuously during the pandemic. For 8 months, 13 thousand 735 kg of gold were produced, an increase of + 110.1%. The growth is shown by the enterprises of Kumtor and Altynken,” Boronov said.
At the same time, tax revenues from the mining industry for 8 months amounted to KGS 10 billion 885 million 753.3 thousand.
Currently, large mining companies operate in compliance with all sanitary and quarantine standards.
Foreign exchange intervention. This week the National Bank of Kyrgyzstan carried out one of the largest foreign exchange interventions.
On Sept. 23, the National Bank sold USD 5.8 million.
This year the National Bank has intervened 11 times.
Wait for growth. It was announced this week that positive economic growth is expected by mid-2021.
Deputy Minister of Economy of the Kyrgyz Republic Avtandil Alybaev said that the growth of the country's economy is projected at 4.5%.
He also noted that the upcoming elections will have a positive effect on the economy because candidates spend certain funds on advertising services, transportation, hotel expenses, etc.
Less transfers. The gross inflow of remittances to Kyrgyzstan in January-July 2020 amounted to USD 1 billion 225.3 million. This figure compared to last year was 9.3% lower.
This week Deputy Minister of Economy of the Kyrgyz Republic Avtandil Alybaev said that the main share of transfers comes from Russia - about 97% and the rest - from other countries.
Salary increased. It became known this week that in January-July 2020, the average monthly nominal wage of one employee (excluding small businesses) amounted to KGS 17 thousand 996.
The Ministry of Economy of the Kyrgyz Republic said that, compared to January-July 2019, wages in the country increased by 9.4%, and its real size, calculated taking into account the consumer price index, increased by 3.5%.
The consumer price index, which characterizes the inflation rate, amounted to 102.2% (August 2020 to December of the previous year).
Export deliveries. The foreign trade turnover of Kyrgyzstan in January-July 2020 amounted to USD 3083.7 million and decreased by 21.7% compared to the corresponding period last year.
According to the information of the Ministry of Economy of the Kyrgyz Republic, the volume of mutual trade of the republic with the Eurasian Economic Union (EAEU) member states in January-July 2020 amounted to USD 1 billion 288.7 million and compared with January-July 2019 decreased by 17.9%.
The volume of export deliveries of the Kyrgyz Republic in January-July 2020 compared to the corresponding period of 2019 increased by 1.7% and amounted to USD 1 billion 129.2 million.
The increase in exports in January-July this year is due to an increase in gold exports by 34.2%, the share of which in the total volume of export supplies of the republic for this period increased to 55.2%.
Production growth. In January-August 2020, the volume of gross agricultural output in Kyrgyzstan amounted to USD 132.3 billion.
Ministry of Economy of the Kyrgyz Republic states that the real growth rate against the corresponding period of 2019 was 101.8% (for January-August 2019 - 102.1%).
The growth in gross agricultural output compared to the corresponding period of 2019 was mainly due to an increase in livestock production by 1.7% and crop production by 2.1%.
The contribution of the country's agriculture to the formation of the GDP of Kyrgyzstan is estimated at 0.21%, the share of which in the structure of GDP production was 12.9%.
Kabar News Agency
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