Kyrgyzstan,Vietnam agreed to intensify bilateral trade and economic cooperation

Bishkek, Oct. 1, 2021 / Kabar /. Director of the Sixth Political Department of the Ministry of Foreign Affairs of Kyrgyzstan Ermek Omuraliev met in Bishkek with Ambassador of Vietnam (with a residence in Nur-Sultan) Ms. Nguyen Thi Hong Oan on Sept. 30 this year. The Ministry of Foreign Affairs of Kyrgyzstan said that during the conversation, the sides discussed issues of enhancing bilateral trade and economic cooperation, the Vietnamese side was informed about economic transformations and the efforts of the country's leadership and the Cabinet of Ministers of the Kyrgyz Republic to create favorable conditions for business and investment, as well as information on the priority sectors of the Kyrgyz economy, where bilateral cooperation with Vietnam could be intensified. Taking into account the presence of Vietnamese experience in the textile, agricultural and other leading industries, where Vietnam has taken the leading positions in the regional and world markets, the Kyrgyz side proposed to focus on programs for the exchange of experience and then on the creation of joint ventures, taking into account the existing potential of the Kyrgyz Republic's membership in the EAEU, WTO, preferential GSP + regime with EU countries with a focus on the trade and investment component in order to jointly enter the markets of the EAEU states, the European Union and the Chinese market bordering Kyrgyzstan. In turn, the Vietnamese side focused on the existing potential of the Kyrgyz economy, especially on the energy and tourism opportunities of the country. The head of the diplomatic mission noted with the positive side the "Free Trade Agreement between the EAEU and its member states on the one hand and the Socialist Republic of Vietnam on the other hand dated May 29, 2015". In order to build up bilateral cooperation, the potential of which is not fully used, the Kyrgyz side expressed the expediency of active interaction in the field of economic diplomacy. In particular, the ambassador was informed about the functioning of the Advisory Group on Economic Diplomacy under the Ministry of Foreign Affairs of the Kyrgyz Republic, where interaction with all business associations of the Kyrgyz Republic is carried out, and it was proposed to work out the establishment of horizontal ties and bridges / mechanisms of bilateral cooperation of the Chamber of Commerce and Industry of the Kyrgyz Republic, interested business associations of the Kyrgyz Republic (KSPP, Association agro-industrial complex of the Kyrgyz Republic, etc.) with counter-partners from the Vietnamese side. Given the emergence of certain difficulties for subjects of foreign economic activity of the Kyrgyz Republic, on the initiative of the Kyrgyz side, issues related to Kyrgyz companies exporting to Vietnam were also discussed, and in general, a request was expressed from the Kyrgyz side to focus cooperation on promoting exports, attracting investments to the Kyrgyz Republic and opening by the Vietnamese side of the Trade Representation Office for Central Asia. Ambassador of Vietnam, Ms. Nguyen, expressed her readiness to provide the necessary assistance in resolving relevant issues. In conclusion, director Omuraliev introduced the Vietnamese ambassador to Vice President of the Chamber of Commerce and Industry of the Kyrgyz Republic Mukhamedziev. As a result, the sides reached a preliminary agreement on the initiation and signing in the very near future of a Memorandum of Cooperation between the CCI of the Kyrgyz Republic and the CCI of Vietnam.