«With the formation of the Eurasian Economic Union (EEU), development of bilateral relations between Kyrgyzstan and Russia has become more intense,» Alexey Kuznetsov, head of the Economic Analysis Department at the Eurasian Development Bank, told 24.kg news agency.
According to him, this is facilitated by preferences derived from participation in a single economic space. Russia is a key partner of Kyrgyzstan in the field of trade, financial and humanitarian ties. At the end of 2018, Russia’s share in the foreign trade turnover of the Kyrgyz Republic amounted to more than 23 percent, and in the amount of remittances received by the country — about 98 percent.
«After the opening of the customs borders of the EEU countries in August 2015, conditions for increase of exports to Russia were created for Kyrgyzstan,» Alexey Kuznetsov stressed.
At the end of 2018, exports from the Kyrgyz Republic to the Russian Federation amounted to $ 314 million, having increased more than 2.5 times compared to 2014.
Kyrgyz producers supply mainly agricultural and garment products to the Russian market. Russia is a key supplier of mineral products, ferrous metals and wood to Kyrgyzstan.
«The positive effect of the development of integration in the labor market was manifested in an increase in the share of remittances of individuals to Kyrgyzstan from Russia. The Russian Federation is also among the key investors in the Kyrgyz economy. One of the leading Russian investors is Gazprom, which among other projects is conducting a large-scale reconstruction and modernization of gas transmission, underground gas storage and distribution facilities in Kyrgyzstan,» the expert said.
