The Chairman of the Cabinet of Ministers of Kyrgyzstan, Adylbek Kasymaliev, took part in the Asian Financial Forum (AFF), which is currently taking place in Hong Kong, and delivered a report, in which he outlined the priority areas for the development of Kyrgyzstan and presented attractive opportunities for foreign investment.
He told about the impressive rates of economic growth in the Kyrgyz Republic for 2021-2023.
«Over three years, the growth rate of the Kyrgyz economy averaged 9 percent. The data for 2024 will also be not lower. GDP has doubled, the state budget has tripled. The country is entering a phase of accelerated development, and we want to make the same «snow leopard» leap forward that our Asian friends, the «tigers», of the first and second waves made earlier,» the official said.
He focused on key areas of development: modernization of the financial sector, digitalization of public administration, investments in education and science, implementation of strategic projects and development of partnerships with the private sector.
Adylbek Kasymaliev emphasized the active involvement of Kyrgyz companies in the placement of shares and bonds on the national stock exchange, which contributes to the growth and transparency of the market.
Interest was expressed in cooperation with the Hong Kong Stock Exchange, which, according to him, is an effective platform for attracting investment and entry of Kyrgyz enterprises into global markets.
The head of the Cabinet also noted the development of innovative financial instruments, such as green bonds, in cooperation with international partners.
The «rapid transformation of the financial sector thanks to digital technologies, including the introduction of a national digital currency — the digital som, which is designed to increase the efficiency and transparency of the financial system» was emphasized.
Digitalization, according to Adylbek Kasymaliev, is actively used to improve the quality of public administration and increase convenience for citizens.
Special attention in the field of education and science is paid to the development of STEM education, investment in scientific research and cooperation with leading global companies such as Google to train highly qualified specialists.
The Chairman of the Cabinet of Ministers also drew attention to the investment opportunities of the Kyrgyz Republic.
«The favorable geographical location on the historical Silk Road provides access to large markets in Asia, Europe and the Middle East. The construction of China-Kyrgyzstan-Uzbekistan railway will significantly improve the region’s logistics infrastructure. Significant reserves of gold, rare earth metals and hydropower potential open up broad prospects for investment in the mining and energy industries,» he said, citing the 1.86-gigawatt Kambar-Ata-1 hydropower station project as an example.
Adylbek Kasymaliev also noted the great potential of the agricultural sector, where Kyrgyzstan’s organic products open up opportunities for the creation of joint ventures for the processing and export of organic products.
He especially emphasized the favorable investment climate in the republic.
«The Kyrgyz Republic has introduced an «open door policy» for investors, including tax incentives, simplified business registration procedures and legislative protection of foreign investment. The relevant amendments have been made to the country’s legislation, which provides for the liability of civil servants for obstructing investment activities,» the official added.
The Asian Financial Forum (AFF) is a platform that brings together the most influential members of the global business community to discuss current trends and development directions in Asian markets.
The event annually attracts about 3,000 participants from 50 countries and regions of the world, most of whom are top management representatives and decision makers.
A cooperation session is held during the AFF, where one-on-one meetings are organized between investors and stakeholders.