Business explains reasons for outflow of investments from Kyrgyzstan

14:42, 12 февраля 2020, Bishkek - 24.kg news agency , Jazgul MASALIEVA

Business representatives are concerned about the level of security of their investments and property. It was announced at a meeting of the Committee for Development of Industry and Entrepreneurship at the National Council for Sustainable Development of Kyrgyzstan by its Deputy Chairman Askar Sydykov.

According to the Committee for Development of Industry and Entrepreneurship at the National Council for Sustainable Development, the rate of protection of private property has fallen to 49.9 points over the past three years.

«We have such a situation now, when people are arrested and placed in jail. Business cannot find justice in the judiciary. The judges themselves often admit that they cannot decide in favor of an entrepreneur, as they protect budget funds. In 2018, only 26 out of 116 cases, challenging decisions of tax authorities in courts, were resolved in favor of the taxpayer, in 2019 — only 27 out of 135,» Askar Sydykov told.

He noted that the activities of fiscal and law enforcement agencies have an increasingly strong negative impact on assessing the attractiveness of doing business and investing in Kyrgyzstan.

«One successful entrepreneur told how he had passed 20 unreasonable checks in a short time. State bodies spend huge amounts of money on this — taxpayers’ money,» Askar Sydykov added.