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Business & Economics, Kyrgyzstan


Kyrgyzstan has managed to find an investor for the project for construction of the Upper Naryn cascade of hydroelectric power stations in the territory of the republic. President Almazbek Atambayev made this statement while delivering a speech to summarize his official visit to Moscow. “We were able to find an investor in the Upper Narynsky cascade. At the end of July, an appropriate agreement will be signed,” Atambayev said. Worth recalling, Russia was supposed to be the investor initially.



Bishkek, the capital of Kyrgyzstan, has seen the completion of construction of a new large canning plant that will export its products: primarily to Russia and other EEU countries. Annually, the plant will produce over 100 tons of pickled canned vegetables and fruit juices, most of which will go to Russia and Kazakhstan. “We have already assembled all the necessary modern equipment of Italian manufacturers, and we have the opportunity to process the full range of vegetables and fruits that grow in Kyrgyzstan,” said Oleg Vandaev, the technical director of the new plant.


Kyrgyzstan intends to issue the first crypto-currency in the EEU countries. The authorities of the republic made this decision in order to obtain the funds necessary for investing in the development of gold mines in the country. The company “Kript NN” (Russia) will take part in the implementation of this project. During the Initial Coin Offering, it will act as the main trader.


In Osh, the largest city of the southern part of Kyrgyzstan, a new enterprise specializing in milk processing have started its work. According to the press service of the government of the republic, the commissioning of the milk processing plant “Osh Ak-Sut” resolves the issue of the sale of dairy products from farmers in the three south regions of the country: Batken, Osh and Jalal-Abad. In addition, the newly created enterprise permanently employs 40 local residents.



During the first five months of 2017, Kyrgyzstan's GDP grew by 6.8 percent as compared to the same period of 2016 and amounted to about KGS153 billion in monetary terms. Press Secretary of the National Statistics Committee Boris Arabaev reported these figures on June 9. According to him, in January-May 2017, the volume of GDP (without taking into account the enterprises engaged in the development of the republic's largest gold deposit “Kumtor”) amounted to KGS136 billion, which is 2.9 percent more than the figure for January-May 2016.



The Government of Kyrgyzstan has proposed to create joint ventures for the manufacture of military products in the territory of the republic within the framework of the development of cooperation between the defense industrial complexes of the CSTO countries. Deputy Prime Minister Zhenish Razakov announced the news on June 8, during the Bishkek-based meeting of the interstate commission of the states of the Organization for Military-Economic Cooperation.



Starting on August 12, 2017, the regulations of the EEU (the Eurasian Economic Union) will be introduced in Kyrgyzstan. Deputy Prime Minister of the Republic Oleg Pankratov made such a statement during a regular meeting of the government. “The business needs to understand the effect of our regulations in the territory of Kyrgyzstan will cease, because the EEU general technical regulation will come into force. Only supranational technical regulations will be effective in the republic,” Pankratov said.



Kyrgyz President Almazbek Atambayev expressed support for the idea of China's Xi Jinping to create a “Digital Silk Road.” According to the press service of the head of state, this happened during the speech of the Kyrgyz president at a round table attended by the leaders of the countries participating in the forum “One Belt, One Road.” “We would like to support the idea expressed yesterday by Chairman Xi Jinping in his report on creation of the Digital Silk Road,” Atambaev said.



Kyrgyzstan has big problems with attracting investments due to the fact that about 90 percent of the entire business of the country is currently in shadow. A member of the board of the Eurasian Business Association of the Eurasian Economic Union, Victoria Kologrivova, made this statement while delivering a speech at the recent press conference in Bishkek. “We ask entrepreneurs to take their business out of the shadows so that our products can be sold not only in Russia, but also in other countries.


Since the beginning of 2017, the economy of Kyrgyzstan has demonstrated a positive growth dynamics, which is primarily due to the effect of the low base in 2016. Deputy Minister of Economy of the Republic Daniyar Imanaliev made such a statement while delivering a speech at the government session. According to the press service of the Ministry, in the first quarter of 2017, the growth of the gross domestic product of Kyrgyzstan was 7.8 percent, and its physical volume was KGS86.1 billion.