Bishkek, Feb.27, 2020 / Kabar /. The Ministry of Economy is working on import substitution of goods and is looking for new markets in connection with the closure of the border due to an outbreak of coronavirus, Economy Minister Sanjar Mukanbetov told during a press conference at Kabar News Agency.
He said that the first quarter of the year is considered weak in economic terms due to the New Year holidays.
“We assume that the trend will start, from April there may be a drop of 0.2% per month. If we turn to analytics, the average turnover is USD 7 billion, of which USD 5 billion is import and 35% of this import is import from China, in absolute terms this is USD 1.7 billion, and of which, if you take per month, it turns out USD 140 million we import every month from China,” he said.
The minister said that the import substitution is also being carried out along with the business, mainly with regard to fabrics, synthetic fabrics, and accessories.
“Today we are looking for alternative markets that could replace that added value. We turned to embassies abroad and are considering the possibilities of the markets of India, Pakistan, Indonesia, Turkmenistan, Uzbekistan, Turkey, the UAE. Work is underway on import substitution, and there are already results. In March, our colleagues from Dordoi will hold a fair where products from the Turkish side will be presented. The government is carrying out an action plan on the impact of coronavirus and work on import substitution,” he said.
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