IBC Executive Director Askar Sydykov said this at a press conference at the Kabar KNIA, where representatives of the business community discussed the challenges of the outgoing year and expectations in the future.

Nurlan Musuraliev, Deputy Business Ombudsman of the Kyrgyz Republic, and Askat Seitbekov, an expert of the Secretariat of Business Development and Investment Council under the Government of the Kyrgyz Republic, also took part in the meeting with journalists.

Many business problems, voiced at the beginning of the pandemic, not only have not been resolved so far, but have become aggravated as a result of the October events. Businesses are concerned about uncertainty about the protection of investments and private property, general socio-political instability, pressure from law enforcement and regulatory authorities, additional tax assessments, as well as a lack of hope for the future.

The IBC head also spoke about the positive results of the dialogue between the state and business: during the year, the business community held meetings at the highest level, a system of operational interaction with government agencies during quarantine measures was built.

Based on the results of business appeals, in order to limit the pressure of law enforcement agencies, the Single Deposit Account was abolished, and inspections of businesses by the Accounts Chamber were legally limited. A number of anti-crisis measures to support business were approved in the relevant Action Plans of the Government.

However, these plans have not fully met the expectations of the business, which needs more concrete and tangible measures. For example, one of the action plans provided for tax deferrals, although the business community called for tax exemptions (tax holidays) for the most affected sectors of the economy.

Corruption, political instability, bureaucracy, inflation, difficulties in cross-border trade and complex business regulation remain the main barriers to business.

The instability in the government of the country, when the heads of state bodies are often changed, has a negative impact on business. Business and investors expect predictability, continuity, and consistent policies from any government.

Askar Sydykov answered questions from journalists, related to business expectations from the upcoming elections, tax innovations for business, trends in business closure in Kyrgyzstan and its reorientation to other markets, the impact of the dollar exchange rate on business activities, and many others.