Kazakhstan's Investments in Kyrgyzstan's Economy Reach $1.3 Billion

Photo: Gulmira Abdrakhmanova/Kazinform

Kazakh Ambassador to Kyrgyzstan Rapil Zhoshybayev stated at the Kazakhstan-Kyrgyzstan Business Forum in Bishkek that mutual trade between the two countries has been growing by an average of 20-25% annually, The Caspian Post reports citing Kazinform News Agency.

In 2023, the trade turnover stood at 1.2 billion US dollars, and it’s expected to be at 1.7-1.8 billion US dollars in 2024. Kazakhstani investments in the economy of Kyrgyzstan stood at 55.5 million US dollars last year, adding to the total amount of investments of around 1.3 billion US dollars since 2005. Our country is the third major trade partner of Kyrgyzstan and fourth in terms of investments, with Kaz Minerals Bozymchak’s investments in Kyrgyzstan totaling 440 million US dollars and eyeing up to 70 million US dollars more in investments, stated the Kazakh ambassador.

Major investment projects include construction of a ferroalloy plant in Tash-Kömür, Jalal-Abad region, the first solar power stations in Issyk Kul region with a capacity of 50 MW as well as creation of joint GFC Bishkek company in the field of green finance.

The heads of state set the task to bring the trade turnover to up to 2 billion US dollars in the nearest future. To this end, huge work is underway to boost the transport potential, with a focus on implementing a project of an industrial trade and logistics complex on the border of both countries. A new checkpoint Aksu-Kamyshanovka, set to significantly increase cargo transportation between the countries, is to be opened. It’s also expected to construct a new alternative road Almaty-Cholpon-Ata. These interstate projects are important for expanding trade and economic cooperation, added Zhoshybayev.

In her speech, Tolkunai Taalaibekova, vice president of the Commerce and Industry Chamber of Kyrgyzstan, highlighted that the forum provides an opportunity to strengthen fraternal ties between Kazakhstan and Kyrgyzstan, allowing business representatives to exchange experiences and find common ground.

Photo: Gulmira Abdrakhmanova/Kazinform

Kazakhstan is not only a close neighbor but also an important partner of Kyrgyzstan, with the two countries enjoying close historic and cultural ties. The mutual trade is constantly growing. In 9 months of 2024, the figure exceeded 900 million US dollars. Kyrgyzstan takes pride that such domestic brands as Kulikovskiy, Shoro and Novat restaurant chain found their market niche in Kazakhstan. The business forum promotes exchanges of views and advanced practices, which are then to be used to benefit both nations. Cooperation between Kyrgyzstan and Kazakhstan holds huge potential, which is yet to be unleashed, said the Kyrgyz speaker.

In turn, Kazakh Vice Minister of Trade and Integration Kairat Torebayev noted that Kazakh-Kyrgyz trade-economic relations develop dynamically.

Last year’s trade turnover totaled at 1.2 billion US dollars. Kazakhstan is a major trade partner of Kyrgyzstan. Around 70 companies are attending the forum today. Annual trade and economic missions enable to increase the range of Kazakhstani goods supplied to Kyrgyzstan, contributing to trade turnover. Kazakhstan’s export to Kyrgyzstan rose 16% last year. Our country is ready to supply more goods for 260 million US dollars, and we expect the same from the Kyrgyz side, he said.

The forum was followed by B2B talks, offering the opportunity to establish direct bilateral relations among partners and expand the export of their goods.

Kazakhstan launched the Born Bold campaign, allowing international investments and business people to look into potential partnerships and business development in Kazakhstan.