«We need to find internal reserves for sustainable growth,» the President of Kyrgyzstan said at a meeting of the Supreme Eurasian Economic Council.
He noted the successful holding of the 1st Eurasian Economic Forum.
According to Sadyr Japarov, in general, there was a positive trend in the economic development of the Eurasian Economic Union (EAEU) last year. At the end of 2021, the total GDP of the Union grew by 4.6 percent, the total volume of foreign trade in goods of the EAEU with countries outside the Union amounted to $844.2 billion. Compared to 2020, turnover increased by 35.1 percent. The foreign trade turnover of pre-coronavirus 2019 was exceeded by 14.7 percent, or by 10.8 billion.
«The volume of Kyrgyzstan’s GDP exceeded forecast indicators and grew by 3.6 percent in 2021. The volume of foreign trade operations increased by 40.1 percent compared to 2020. We are optimistic about the economic development indicators for four months of this year, following which GDP growth reached 5.4 percent. Export operations with the EAEU states in the first quarter of 2022 increased by 23 percent, import operations — by 20.7 percent,» the head of state said.
He believes that the ongoing positive changes in mutual trade, the emerging recovery in economic activity and the growth in GDP production indicate the effectiveness of the measures taken during the COVID-19 pandemic. This concerns the mutual movement of goods and mutual support, as well as the achievement by these measures of the consequences of the negative impact of the pandemic on the economies of the EAEU countries.
The union has shown resilience and the ability to overcome global crises.
Sadyr Japarov
But today, the EAEU states are again facing new challenges. Now they need to prove to the world that integration, despite artificial barriers, can continue its sustainable development.
The President said: the republic, as a member of the EAEU, fully understands that the relationship within the Union, the development of both the entire integration association and its individual members, is complementary. In the context of global and regional challenges that have negative consequences for the socio-economic development of countries, actions of the states of the Union should be aimed at supporting and helping each other in such situations.
«Our development is taking place in an era of changing geopolitical and geo-economic paradigm. In the context of global economic transformation and the influence of external negative factors, we need to consolidate joint efforts to ensure the economic and financial stability of the union. Reserves for the sustainable growth of the countries of the Union are obvious. We need to ensure the barrier-free functioning of the internal market. It is worth stepping up efforts to liberalize the services market and speed up work to complete the formation of a common financial market. It is necessary to start localizing production as soon as possible, implementing cooperation projects in our territories to reduce dependence on imported products in all sectors of the economy and jointly develop our transport and logistics infrastructure,» Sadyr Japarov stressed.
