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Eldar Tadzhibaev: Investors in mining industry have one foot out of door

«Many investors, in particular those involved in the mining industry, increasingly have one foot out of door,» Eldar Tadzhibaev, Chairman of the Central Committee of the Mining and Metallurgical Trade Union, said.

According to him, the investment environment in Kyrgyzstan is currently far from perfect. Investors prefer to refrain from launching planned new projects, expanding production, and financing geological exploration. Moreover, some say they are ready to mothball production to ensure safety of workers and protect businesses and investments.

«In this difficult situation, tens of thousands of workers of mining enterprises, their contractors and supplier companies may lose their jobs and the ability to fully keep their families, and the budget of the country — substantial deductions,» Eldar Tadzhibaev believes.

He noted that the vice presidents of Kumtor Gold Company CJSC, the majority of middle managers, ordinary expatriate workers left Kyrgyzstan. The president of Kumtor Gold Company CJSC, Deon Badenhorst, intending to return to the republic from a planned trip one of these days, is also forced to stay abroad.

According to the Chairman of Kumtor Trade Union Committee, Kalysbek Ryspaev, it is possible that these measures were taken to ensure safety of foreign leaders and specialists in connection with the law adopted recently by the deputies of the Parliament, which allows introduction of external management at the enterprise, and the court decision to recover compensation from Kumtor Gold Company in amount of $ 3 billion for environmental damage.

«We absolutely agree that any legal proceedings, legislative changes should be initiated and implemented exclusively in the interests of Kyrgyzstan, its citizens, the country’s economy, and environmental protection. But these processes should exclude politicization, populism, personal vested interests and risks of harm to the republic, including due to stoppage of production at industrial enterprises. Without development of the real sector of the economy, creation of any product, creativeness, we will not be able to achieve economic growth and improve the social and economic situation in the country. It is necessary to support business and guarantee safety of industrial workers. We need stability,» Eldar Tadzhibaev concluded.