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Kyrgyzstan pays special attention to development of export potential

The Government of Kyrgyzstan pays special attention to the development of export potential. This was stated at a working meeting of the Prime Minister Sooronbay Jeenbekov on the issue of financing export-oriented enterprises. Information Support Department of the government’s executive office of the Kyrgyz Republic reported.

According to it, Sooronbay Jeenbekov noted the importance of creation of a bank in the country, aimed at supporting the exporters. The head of government added that this measure will provide small and medium businesses with additional working capital.

Deputy Economy Minister Eldar Abakirov said that GDP indicators in agriculture in value terms increased over the period of 2011–2013 before the introduction of Agricultural Financing project by 13,916 billion soms, while commercial banks during this period increased the issuance of loans in this sector by 51,325 billion soms.

The increase by 1 som in agriculture cost 3.7 soms. After implementation of the project for the period 2013–2016, the indicator has already reached 14.8 soms, which indicates a sharp decrease in the effectiveness of such financing.

Eldar Abakirov

«In the current situation, we see a loss of profit, when other countries, which import our raw materials for consumption, processing and resale, benefit along with commercial banks that receive interest income from financing," Eldar Abakirov said.

He stressed that this once again proves the need to develop the processing of domestic raw materials and the development of manufacturing industries aimed at export.

Eldar Abakirov added that it is necessary to develop and implement a policy of developing the manufacturing industry using idle enterprises, to develop non-tariff and financial measures for the manufacturing industry and to bring the products of this industry to international markets.