Kyrgyzstan and Turkey develop investment cooperation

On September 24, 2019, the Kyrgyz-Turkish business forum was held in Bishkek with the participation of President of the Kyrgyz Republic Sooronbai Jeenbekov.

Kyrgyzstan and Turkey have developed particularly trusting relationships, as a result of which Kyrgyz-Turkish trade and economic relations are dynamically developing, the President said. The two countries intend to increase mutual trade from $400 million to $1 billion.

The Kyrgyz-Turkish business forum is held annually. In 2018, a business forum was held as part of the official visit of the President of Turkey Recep Tayyip Erdogan to Kyrgyzstan.

“Investment cooperation between Kyrgyzstan and Turkey is steadily developing,” the President emphasized.

Political partnership between the two states, which was formed many years ago and is strengthening every year, has reached a high level.

“Today, we have developed a particularly trusting relationship with Turkey. As a result, Kyrgyz-Turkish trade and economic relations are developing at a good pace. In 2018, more than $93 million was attracted from Turkey as a whole. The volume of direct investments from Turkey to Kyrgyzstan, attracted over the years of independence, amounted to more than $600 million,” the President said.

Hundreds of Kyrgyz-Turkish joint ventures are working in Kyrgyzstan today.

Sooronbai Jeenbekov spoke in detail about measures to create favorable conditions for investors regarding simplification of registration, exemption from taxes of new enterprises for 3 years, reduction of unreasonable business inspections, reduction of tax rates, etc.

The head of state also spoke about other advantages of investing in Kyrgyzstan, such as cheap electricity, membership in the EAEU, where about 190 million people live, GSP + status, and creating a business ombudsman institution.

The state aims to implement a number of large projects aimed at increasing the economic potential of Kyrgyzstan.

The opening of a hotel in Bishkek with the famous Sheraton brand will positively affect the development of tourism in the country, the President said.