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Legislative changes on investment protection discussed at the Ministry of Economy and Finance

April 23, 2021

The participants in the meeting, held at the Ministry of Economy and Finance on April 22, considered draft regulations on amendments to legislation to protect investors and entrepreneurs from unjustified interference from supervisory, fiscal and law enforcement agencies.

Representatives of government agencies, investors, the business community, including the International Business Council, discussed the concepts of the Constitutional Law of the Kyrgyz Republic "On the Protection of Investments and Subjects of Investment Activity", the Code of the Kyrgyz Republic "On Investments" and the draft Tax Code of the Kyrgyz Republic, as well as the Investment Attraction Strategy of the Kyrgyz Republic for 2021-2025.

First Deputy Minister of Economy and Finance Daniyar Imanaliev spoke about the ministry's plans to develop legal regulations aimed at protecting investors and business entities.

The Investment Attraction Strategy for 2021-2025 complements the National Development Strategy of the Kyrgyz Republic for 2018-2040. The main objectives of the National Strategy are to attract direct investment by providing guarantees of security, stability of investment regime, ease of regulation, and the use of PPP mechanisms.

The draft Investment Attraction Strategy proposes measures to improve the status of investment legislation, strengthen the role of the Investment Promotion and Protection Agency under the MEF, liberalize the financial market, etc.

The Strategy includes the following measures to increase FDI inflows and create a favorable investment climate:

- Improvement of investment legislation;

- Improvement of institutional mechanisms to attract and support investors;

- Attracting strategic (anchor) investors;

- Development of free economic zones;

- Attracting foreign investment in privatization;

- Iimproving the mechanism for resolving investment disputes and increasing the level of protection of investors' rights;

- Attracting investments in priority sectors;

- Infrastructure development.

The issues of improving legislation on the protection of entrepreneurship and investments discussed at the meeting will be resolved in conjunction with a full-fledged information work with the population, taking into account the interests of local communities, and their involvement in investment projects.