Kyrgyzstan’s economic week Jan. 16-21, 2018

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Neighbour’s assets. This year Uzbekistan plans to open nine enterprises in several cities of Kyrgyzstan. Deputy director of the Investment Promotion and Protection Agency Shumkarbek Adilbek uulu said that as of today agreements on all projects have already been signed and their practical implementation is expected.

Two of them are related to construction of an entertainment center in Osh city and construction of a school in Bishkek. The rest of seven agreements deal with different joint ventures for large-block assembly of cars, agricultural machinery as well as buses.

All the negotiations on these projects' implementation are completed. Now to implement them from Kyrgyzstan’s side, it is necessary to create legal conditions so that cars from Uzbek manufacturers could be sold in Kyrgyzstan.

There is an interest, but no banking relations yet. To date, the volume of trade between Kyrgyzstan and the Islamic Republic of Iran makes only $ 22-23 million a year, but the parties express interest in strengthening economic relations, Ambassador of the Islamic Republic of Iran to the Kyrgyz Republic Ali Mojtaba Ruzbehani told. He said that over the past four years there has been a decline in trade between the countries, but this situation received a new impetus last year.

The Kyrgyz side abolished the procedure for obtaining a visa, which increased the flow of tourists from Iran and aroused the interest of our businessmen to visit Kyrgyzstan, the Ambassador said.

Iranian businessmen are interested in setting up joint ventures and funds in Kyrgyzstan, but the lack of banking cooperation between the two countries impedes the realization of such ideas.

The Iranian side expresses confidence that if the banking cooperation resumes, the trade turnover will also increase many times, which stimulates the arrival of businessmen from Iran.

Finance Ministry’s report to the WB. Kyrgyz Finance Minister Adylbek Kasymaliev met this week with the World Bank Vice President for Europe and Central Asia Cyril Muller and thanked for the assistance in the socio-economic development of the country. He briefed on the results of socio-economic development and the implementation of the 2017 republican budget.

Plus two tons of gold. In 2017, according to preliminary data, 2017 kg of gold was produced at the Taldybulak Levoberezhny deposit. Eldar Tadzhibaev, the chairman of the Central Committee of the Mining and Metallurgical Trade Union of Kyrgyzstan said that referring to the company's general director as saying.

The head of the enterprise noted the importance of the contribution of people in obtaining positive performance indicators, as well as the role of the trade union organization in ensuring a stable and successful operation of the company.

The collective agreement is concluded for a period of 3 years and determines the obligations of the administration and of the workers (wages, hours of work and rest, labor protection, social package, etc.).

Meanwhile, Kumtor, the largest gold mining enterprise in Kyrgyzstan, on average, annually extracts 15-17 tons of gold. In 2016, Kumtor produced 17.1 tons of gold, and in 2017 - about 15 tons. At that, Kumtor transferred about $ 110 million or 7.6 billion soms to the budget of Kyrgyzstan as tax payments.

Megacom will be sold. One of the investors of the Smart City project Aka Minerals and Mining LLC intends to buy Megacom (Alfa Telecom CJSC). Chairman of the State Property Management Fund of the Kyrgyz Republic Renat Tuleberdiev told. He has an official letter from the head of the company. "We redirected the letter to Megacom," Tuleberdiyev said.

They invited representatives of Megacom to their office, held a presentation of the company, Tuleberdiev said adding that March 2, 2018 is the deadline for the last revaluation of the company.

Less meat from China. Kyrgyzstan imposed restrictions on supply of meat from China. Kyrgyz Deputy Minister of Agriculture, Food Industry and Melioration- Erkin Choduyev said that from now on, meat from China will not be imported to Kyrgyzstan as it does not meet the requirements of the Eurasian Economic Union (EEU).

Kyrgyzstan produces 250 thousand tons of meat and 971 tons of it is exported. Despite this, meat is imported to Kyrgyzstan from Russia, Kazakhstan and Ukraine.

Choduev said that the program for the development of food industry for 2017-2021 has been developed in Kyrgyzstan, the main goal of which is the export of domestic products.

Writing off the debt. The State Duma ratified the protocol to the Agreement between the Governments of the Russian Federation and Kyrgyzstan on the settlement of the republic's debt to Russia on previously granted loans.

In 2012, Russia and Kyrgyzstan concluded an intergovernmental agreement on a phased write-off of Kyrgyzstan's debt, which at that time was $ 488.9 million. In May 2013, Russia wrote off $ 188.9 million, from 2016 to 2017 - another $ 60 million.

The protocol on the write-off of the remaining $ 240 million by the Russian side was signed during the visit of then President Almazbek Atambayev to Moscow in June 2017. On Dec. 9, 2017 President Sooronbay Jeenbekov signed the law on writing off this debt to the Russian Federation, which was passed earlier by the country's parliament.

As a result of write-offs, the amount of the external debt Kyrgyzstan will decrease by 6.5%.

The credit rating is still low. The Rating-Agentur Expert RA GmbH (RAEX) in Frankfurt has affirmed the credit rating of Kyrgyzstan at the level of "B-". According to representative of the agency Madina Mukhambekova, the rating of the sovereign government of Kyrgyzstan at the level of "B" and the rating of the credit climate at the level of "B-" continue to be restrained due to the relatively high level of public debt, the discrepancy between the target and actual values ​​of fiscal and monetary indicators, economic and institutional development of the country.

The rating "B" means that the rating object belongs to the category of borrowers with a low level of creditworthiness. Financial condition is unstable, and the ability to timely and fully meet their obligations are subject to significant dependence on the macroeconomic environment and identifiable external factors. The level of credit risk is above average.

The flow of air passengers is growing. Passenger traffic of Manas International Airport OJSC for the entire 2017 increased by 503 thousand 406 passengers and compared to 2016 amounted to 3 million 586 thousand 337 people. At the same time, domestic passenger traffic amounted to 1 million 317 thousand 775 people, international flights - 2 million 268 thousand 562 people.

In 24 hours Manas served an average of 9.9 thousand passengers, and in 2016 - 8,5 thousand passengers.

In addition, in 2017 the airport served 31 thousand 956 flights, which is to 3 thousand 327 flights more than last year.

Kabar News Agency


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