IBC Executive Director Askar Sydykov told about the main advantages of doing business in Kyrgyzstan at the Korean-Kyrgyz business forum, which took place on December 7, 2023 in Bishkek.

“First of all, I would like to note the record growth in the trade turnover of South Korea with our country. According to the statistics of the customs authorities of South Korea, in January-October 2023, the turnover increased 3.78 times compared to the same period last year and reached almost $1 billion. This inspires optimism and hope for the further development of trade and economic relations, as well as for the implementation of joint investment and business projects with the Korean side,” said the IBC head.

Among the advantages of doing business in Kyrgyzstan, Askar Sydykov noted duty-free access to markets with a population of more than 1 billion, thanks to Kyrgyzstan’s membership in the EAEU and the Generalized Scheme of Preferences of the EU (GSP+) and the United States (GSP), as well as partnership with international organizations, including the World Trade Organization (WTO), the Shanghai Cooperation Organization (SCO), the United Nations (UN), the European Bank for Reconstruction and Development (EBRD), and others.

“In Kyrgyzstan, public-private dialogue is actively developing, and the role of the business community is growing. Therefore, we, from the business community, are always ready to provide information to interested entrepreneurs from Korea and promote their successful economic activity in our country,” said the IBC head.

The forum was organized by the Embassy of the Republic of Korea in the Kyrgyz Republic together with the Korean Trade-Investment Promotion Agency (KOTRA).

The meeting participants exchanged information about the business climate in the CIS countries and Kyrgyzstan, and also considered the possibilities of assisting in establishing contacts between Korean and Kyrgyz entrepreneurs.