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Business welcomes news of entry into force of agreement on Kumtor

«Business welcomed the news of the entry into force of the Strategic Agreement between the Government of Kyrgyzstan and Centerra Gold on Kumtor,» Askar Sydykov, Executive Director of the International Business Council, said to 24.kg news agency.

According to him, any uncertainties in relations between the Government and Centerra Gold directly affect the investment climate in Kyrgyzstan. The business is looking at the current situation with the largest investor.

«If there are any unresolved issues, as before, then this makes itself felt. Therefore, the fact that the media have now reported on the settlement of issues will have a positive effect on the image,» said Askar Sydykov.

He notes that one should not wait for new investors after reports about Kumtor. Settlement of all disputes with the largest investor is only one element. The whole regime must be made favorable for arrival of other large investors.

«At a minimum, it is worth restricting law enforcement’s interference in companies’ activities. Until now, most large investors are under pressure, they become objects of additional checks, additional taxes and payments. This does not encourage them to recommend Kyrgyzstan to their colleagues. Yes, the entry into force of the agreement with Centerra Gold on Kumtor is good. But a lot needs to be done to attract large investors to the country. We have not the best investment climate now,» Askar Sydykov believes.