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Akylbek Japarov promises to take economy of Kyrgyzstan into stratosphere by 2050

«We know that in order to achieve the economic growth rates that should take our rocket first into low orbit at $30 billion, and then into the stratosphere at $200 billion by 2050, we must have a highly developed, flexible and smart financial and banking sector », Chairman of the Cabinet of Ministers of Kyrgyzstan Akylbek Japarov said at Bishkek International Financial Forum.

According to him, the period of state capitalism will be limited in time. The authorities want the country to have a large and strong business sector. So that long-term money and large investments in all sectors of the economy come into the republic. That is why they have started active preparations to bring leading corporations to international stock exchanges. The national Kyrgyz Stock Exchange will also play a big role in the IPO process. The state is interested in activating the country’s financial market.

We have a plan, and this plan is currently scheduled until 2030.

Akylbek Japarov

According to him, «the economy is expected to double in dollar terms.»

«But I dare to hope that together with you we will overcome this bar ahead of schedule. By this time, we must be sure that we will have at least five or six large national banking groups, among them, perhaps, two or three particularly large regional ones, well integrated into the international market. But again, this is a subject for discussion in a year or two. We just want you to know that we have great confidence in our banking sector,» the official said.

We are just beginning to explore the international capital market, and I want to tell you that there is already interest. But we all need to actively work together. Actively make our way.

Akylbek Japarov

He noted that «we must be many times more active and purposeful than they are.»

«First of all, the most pressing issue now is expanding the network of correspondent accounts for our banks. I don’t want to go into details, but you see that, partly or even primarily thanks to our work, these connections will expand. This is painstaking work. You can’t just come, see and conquer. Connections need to be cultivated and developed over a long period of time, very purposefully, but without intrusiveness. Patiently. Often we only have one chance to make a good impression. Therefore, we also don’t want to shoot ahead of time. At the same time, it is important not to miss the moment. Time is very important for us. We are in a hurry to quickly build the country and improve the lives of our own people,» the head of the Cabinet concluded.