Kyrgyzstan’s economic week – Jan. 28 - Feb. 2, 2019

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No gray. There is no gray import in Kyrgyzstan, Altynbek Torutaev, the Deputy Chairman of the State Customs Service told.

He said that the issue of the allegedly gray import from China is already a hackneyed topic and that in fact the reason is in different methods of counting.

“We, as a customs service, are interested in thoroughly specifying the data. The Chinese side, referring to domestic state laws, does not give us information. And not only we have this problem, but all countries,” explained Torutaev.

He added that there is also a difference in the cost of goods that are exported and imported.

Reduced interest rate. Today, more than 3.8 thousand mortgage loans have been issued for a total amount of more than 4.2 billion soms.

Chairman of the board of the State Mortgage Company OJSC, Baktybek Shamkeyev said that, more than 210 thousand square meters of housing were acquired for this amount.

“More than 14 thousand citizens of Kyrgyzstan are provided with housing. Since autumn 2018, interest rates have been reduced to 7.9% per annum, a reduction to 6.8% per annum is planned in the 4th quarter of 2019,” said Shamkeev.

However, only 2 people were able to repay a mortgage loan of 3.8 thousand people ahead of schedule.

For participants of the program “Affordable housing 2015-2020” there is no payment of penalties for early repayment of a mortgage loan.

“The loan can be repaid ahead of schedule, including partially repay. At the same time, the borrower does not pay fees for early repayment, decreases the principal amount of the loan, decreases the amount of interest,” said Shamkeyev.

Trade with Uzbekistan increased. In 2018, the trade between Kyrgyzstan and Uzbekistan increased by 189.6% and amounted to $ 481 million.

Ambassador of the Republic of Uzbekistan in the Kyrgyz Republic said that exports amounted to $ 348.2 million, imports amounted to $ 132.8 million.

“The share of Kyrgyzstan in the foreign trade turnover of our republic is 1.4%, Kyrgyzstan is in the top 20 countries with the largest share in the trade turnover of Uzbekistan: in exports in 6th place, in imports in 20th place. Our countries have great potential and reserves to increase bilateral trade up to $ 500 million in the very near future,” he said.

At the same time, Kyrgyzstan and Uzbekistan intend to increase the number of joint ventures.

The ambassador said that recently a delegation from Uzbekugol visited Kyrgyzstan. “The creation of machine-building stations is planned. We are exploring other types of cooperation that will be created in Kyrgyzstan and Uzbekistan,” he said.

He also said that there is a process of developing the creation of logistics centers at the border of the Kyrgyz Republic and the Republic of Uzbekistan with the participation of three states - Kyrgyzstan, Uzbekistan and Russia, in order to export goods to third countries.

“Due to the fact that Kyrgyzstan has the GSP + status, the Green Corridor to China and membership in the EAEU there is a unique opportunity for cooperation,” Rashidov added.

Shop of eco products. The shop of eco-products is opened in Bishkek. Products made by older people.

According to the NGO Resource Center for the Elderly, in the store one can buy homemade preparations and pickles.

In the near future, it will be also possible to purchase homemade noodles produced by grandmothers in this store. In the meantime, the first funds from the sale were transferred to the grandmothers.

Barriers are discussed. A Kyrgyz delegation led by Kyrgyz Minister of Economy Oleg Pankratov held talks in Istanbul with members of the Turkish Exporters Association.

During the talks, the sides made brief presentations and discussed issues of expanding bilateral cooperation.

Members of the Turkish Association provided information on the areas of activity, in particular in the field of industry, textiles, pharmaceuticals and medical products, leather products, etc. In addition, information was provided on the trade turnover between the Association of Exporters of Turkey and Kyrgyzstan.

In Turkey, about the economy. Minister of Economy of the Kyrgyz Republic Oleg Pankratov took part in the negotiations with the Committee on Foreign Economic Relations of Turkey, headed by its President Nail Olpak, as well as with representatives of Turkish business.

As part of the negotiations, Pankratov presented the economic and investment potential of the Kyrgyz Republic, information about improved conditions for a foreign investors, the activities of the Free Economic Zones of the Kyrgyz Republic and the formation about the Naryn Free Economic Zone.

The Turkish side was presented investment projects in the framework of public private partnership in the field of energy, transport, sports, as well as the project of reconstruction and modernization of Manas International Airport.

Kabar News Agency

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