Kyrgyzstan and Korea discuss prospects for cooperation in industry

Bishkek, Oct. 7, 2022 / Kabar /. Minister of Economy and Commerce of Kyrgyzstan Daniyar Amangeldiev met with Vice Minister of Trade, Industry and Energy of the Republic of Korea, Zhong Dae Jin, as part of his stay in Seoul to hold the 5th meeting of the Kyrgyz-Korean intergovernmental commission on economic cooperation. The sides noted that in the recent period a number of important events have been successfully held both at the intergovernmental level and through the business structures of the two countries, and also outlined significant prospects for cooperation in the field of industry. Amangeldiev noted that today in the republic much attention is paid to the creation of assembly plants and the localization of foreign enterprises using domestic materials in the production and technological process. He also noted that investments are needed for the development of the automotive industry of the republic, which will serve as the basis for its revival and the production of import-substituting products, in connection with which he expressed interest in attracting Korean investments in the economy of the republic. The minister assured that the government of the Kyrgyz Republic is carrying out and will continue to work to improve the investment climate. The minister proposed the implementation of a number of areas of cooperation in the industrial sector, including the joint assembly for the production of medical equipment, charging cables and devices for electric vehicles, the implementation of "green" projects through the Kyrgyzindustry OJSC, the supply and assembly of electric vehicles and light commercial trucks on electric thrust. Amangeldiev also suggested considering the possibility of implementing a project to create a Kyrgyz-Korean cooperation center for digital technologies in textile production. The Korean side noted the successful course of cooperation in the field of light industry, proposed to develop cooperation within the framework of free economic zones. The sides noted the importance of discussing topical issues of bilateral cooperation, and also expressed confidence that the Kyrgyz-Korean relations would further develop fruitfully. Reference: January-July 2022 The trade turnover of the Kyrgyz Republic with Korea amounted to USD 65.2 million and compared to the same period in 2021 increased by 1.9 times, including import - USD 64.7 million (an increase of almost 2 times), export - USD 0.5 million (an increase of 1.5 times). The increase in imports from Korea is due to an increase in the import of various equipment and mechanical devices, vehicles, furniture, etc. The volume of direct investment from Korea in January-June 2022 amounted to USD 3.1 million, while in 2021 the volume of Korean investments was USD 374.9 thousand.