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President of Kyrgyzstan proposes his own anti-crisis measures

President of Kyrgyzstan Sooronbai Jeenbekov made a number of proposals on medium-term and long-term anti-crisis measures. The Information Policy Department of the Presidential Administration reported.

The head of the Kyrgyz Republic voiced his ideas at a meeting with business representatives. He stressed the need for timely implementation of measures aimed at supporting business in the current situation.

Sooronbai Jeenbekov voiced a number of proposals for the government to review the medium-term and long-term strategic directions of development, noting the importance of creating favorable conditions for business and supporting priority sectors of the economy.

The President drew attention to stepping up measures to support business in the post-crisis period and support of domestic producers.

«Reduction of dependence on imports is not only an economic issue, it also concerns the food security of the republic. We need to develop effective support mechanisms for domestic producers, which the situation requires in the current crisis,» he stressed.

Sooronbai Jeenbekov noted the importance of providing small and medium-sized businesses with long-term soft loans and timely providing the economy with the necessary liquidity. «We need to pay special attention to our competitive advantages, for example, to support the production of organic products, provision of digital services, electronic commerce, recreational and medical tourism, production of protective equipment,» he said.

The head of state stressed the need for operational introduction of the digital economy, adding that the global pandemic clearly demonstrated the requirements and prospects in the field of digital technologies. In his opinion, the widespread use of digital technologies, development of understandable and convenient rules for business, stepping up provision of online services, liberalization of tax legislation — all this minimizes bureaucracy and administrative pressure on the business.

Sooronbai Jeenbekov drew attention to strengthening the role of business associations, use of new investment opportunities and stimulation of domestic investment.

«It is necessary to revise the investment strategy taking into account new challenges. We must offer investors simple and understandable rules so that new opportunities and advantages are used in a timely manner,» he said.

Given the assessment of economic damage and new challenges, the president proposed development of a new program to support and develop entrepreneurship in the country. «We must create a new environment for entrepreneurship, a new culture, new conditions. Therefore, the Cabinet, together with business, must form a special working group to develop a new strategy that defines unique development opportunities,» Sooronbai Jeenbekov believes.

He added that as of today the legal financial environment is designed only to provide classic bank loans. But amid the crisis, the economy, due to the lack of an «airbag», needs long and cheap financial resources. The head of state is sure that there is a special need to create an environment for education and widespread use of targeted investment funds to finance cluster projects.