Participants of INNOPROM. Central Asia int’l fair got acquainted with development of industry in Kyrgyzstan

Bishkek, April 26, 2022. / Kabar /. Minister of Economy and Commerce of Kyrgyzstan, head of the Kyrgyz delegation at the INNORPROM. Central Asia International Industrial Fair Daniyar Amangeldiev addressed the plenary session "Central Asia: The Space of Technological Breakthrough" held within the international fair. Welcoming the participants of the meeting, on behalf of the Cabinet of Ministers and on his own behalf, the minister expressed special gratitude to Uzbek colleagues for the warm welcome and the excellent organization of the exhibition, the press service of the Economy Ministry said. Amangeldiev noted that the formation of sustainable production plays a major role in ensuring the joint prosperity. "We have an opportunity to combine the efforts of countries in increasing production, necessary products of consumption to ensure the economic security of the region, which will reduce the risks of exposure to external factors. It will allow us to form a sustainable regional market with great potential," the minister stressed. Today Kyrgyzstan consistently carries out anti-crisis measures in the economy, allowing by now to improve the situation in industry. Over the past five years, with the exception of 2020, marked by the global pandemic, the industry of Kyrgyzstan has maintained a positive trend in production. Measures are being taken to create in the republic a favorable social, financial, economic, and legal regime for the activities of foreign investors and an investment climate corresponding to their interests. The country's industrial output has been restored. Increasing the confidence of investors, the Decrees of President "On protection of property and support of entrepreneurs and investors" and "On additional measures to protect business entities" were adopted. A new version of the Tax Code was adopted, meeting the modern requirements of digitalization of tax procedures. The Law "On the Status of Batken Oblast" was adopted, which established a special tax and investment regime, providing for state guarantees. A new version of the Law "On Public-Private Partnership" was adopted. Participation of the state in new projects will serve as a basis for security of investments. For active involvement of business in the sphere of PPP, a moratorium for 5 years on conducting inspections of PPP projects was introduced. The Kyrgyz-Uzbek Fund is being created to provide entrepreneurs with affordable loans, where financing of new projects is expected. The work on the direction of the Kyrgyz-Russian Development Fund is being strengthened. Further, Minister Amangeldiev outlined the need to create joint production chains based on the use of own raw materials and materials. Kyrgyzstan is based on resources represented by large proven reserves of gold, tungsten, tin, antimony, mercury, rare-earth metals and other minerals, which can meet the needs of the region. In order to create a favorable investment climate, a number of significant reforms in the management of mineral resources, in terms of licensing, tax regime, as well as improving the transparency of the sector, have been carried out.