On April 25, 2024, the second meeting of the Kyrgyz-British Business Council, organized by the International Business Council, took place in Bishkek. The moderator was Askar Sydykov, IBC Executive Director and co-Chairman of the Kyrgyz-British Business Council.

The meeting was attended by the British Ambassador to the Kyrgyz Republic Nicholas Bowler, the Ambassador of the Kyrgyz Republic to the UK Ulan Jusupov, Deputy Director of the National Investment Agency under the President of the Kyrgyz Republic Jalyn Jeenaliev, representatives of other relevant government agencies, as well as international organizations and the business community.

The purpose of the event was to attract potential investors, establish mutually beneficial contacts between the business communities of the two countries in such sectors of the economy as manufacturing, mining, energy, tourism, and others.

Impressive results

“Since the creation of the Council at the end of last year, several dozen companies have contacted us interested in taking part in the Council’s work. They shared their plans for establishing trade activities with companies from the UK and informed about the results already achieved. Over the past months, the composition of the Council has practically doubled,” said the IBC head.

According to official data, at the end of 2023, trade turnover between our countries amounted to more than $92 million and increased by 287% compared to the previous year.

“The First Council set a good pace for the development of Kyrgyz-British relations and created the basis for a strong partnership,” said Kyrgyzstan’s Ambassador to the UK Ulan Jusupov.

Currently, work is underway in Kyrgyzstan to introduce English commercial law. In the south of the country, the United Concrete Canvas plans to begin construction of a plant for the production of concrete canvas in the near future, which demonstrates the trust and interest of British companies in Kyrgyzstan.

The implementation of this project will help solve issues of irrigation and water conservation in the country. The construction of the plant is planned to be carried out through British investments. Negotiations on the opening of the enterprise took place in November 2023 as part of the working trip of the Chairman of the Cabinet of Ministers of the Kyrgyz Republic Akylbek Japarov to Cardiff, Great Britain.

According to Ambassador Jusupov, the British company Populous has developed the design of a new national stadium, which will be the largest in Central Asia and will meet international standards. There are other British companies ready to start successful projects in Kyrgyzstan.

New level of cooperation

British Ambassador Nicholas Bowler informed about the results of British Foreign Secretary David Cameron's recent visit to Kyrgyzstan. The visit will move the Kyrgyz-British strategic partnership to a new height. Britain is interested in cooperation in the mining industry, agriculture, consulting, finance, information technology, education and other areas.

Nicholas Bowler spoke about the UK government's plans to engage Boston Consulting Group (BCG) to assist in developing a strategy for the development of the mining industry in Kyrgyzstan. BCG is one of the Big Three (or MBB, the world's three largest management consulting firms by revenue) along with McKinsey & Company and Bain & Company.

he UK Ambassador also noted that a £19 million private equity/venture capital fund for SMEs will be established in Central Asia, the fund will invest in high-potential organizations in the region.

The Embassy and the British business community intend to continue to support the activities of the Kyrgyz-British Business Council, aimed at developing trade and economic relations between the countries, the ambassador assured.

Advantages of the investment climate in Kyrgyzstan

A representative of the National Investment Agency spoke in his presentation about the advantages of the investment climate in Kyrgyzstan. Attracting investment is facilitated by liberal legislation, a qualified workforce, a visa-free regime for 61 countries, free access for investors to the organic market and other factors.

With the entry into force of the Developing Countries Trading Scheme (DCTS) in June 2023, Kyrgyzstan can export more than 8 thousand items to the UK at reduced or zero tariffs and on simplified terms.

Energy problems are now on the agenda not only in Kyrgyzstan, but throughout the world. The country does not have enough capacity to connect new enterprises, so business attaches particular importance to energy development.

Representatives of the Energy Ministry of Kyrgyzstan reported on investment projects in the energy sector. Such promising projects as the construction of the Upper Naryn cascade of hydroelectric power stations (4 HPSs) for 237.7 MW, the Kambar-Ata-1 HPS (1860 MW), as well as the use of renewable energy sources will help increase generating capacity. Thus, the potential of small HPSs is 258 MW, wind energy – 2 billion kWh, solar energy – 1700 kWh/m2.

Representatives of British companies informed about seasonal work in the UK in the field of agriculture, as well as other areas of business in education, consulting and construction.

Kyrgyzstan is open for business and investment

After the presentations, discussions were held in a free format, and the meeting participants received expert answers to all their questions.

Aichurek Jakypova, Deputy Board Chair at the RSK Bank, reported on active negotiations between RSK Bank and the management of Citibank (London) and the London Stock Exchange (LSE) on the sale of Kyrgyzaltyn’s gold on the LSE, as well as about other areas of cooperation with UK financial institutions.

The founder of Kant TSP LLC, Tanvir Aftab, expressed his readiness to attract investments in energy projects in Kyrgyzstan and other priority sectors of the economy.

The meeting participants from the Kyrgyz side said that Kyrgyzstan is open to business and investments and invited British companies to take part in the economic development of Kyrgyzstan.

The first meeting of the Kyrgyz-British Business Council took place on November 28, 2023 at the EBRD headquarters in London. The Council was created in November 2023 to coordinate trade, investment activities and cooperation between the business communities of Kyrgyzstan and the UK.