Kyrgyzstan and Iran Sign MoU to Create Joint Investment Committee

Kyrgyzstan's Economy Minister, Bakyt Sydykov, held several meetings in the Republic of Iran focused on enhancing bilateral economic cooperation, according to the Ministry of Economy's press service.

As part of the visit, Bakyt Sydykov met with the First Vice President of Iran Mohammad Reza Aref, The Caspian Post reports citing 24.kg. The parties exchanged views on the current state of cooperation and confirmed their mutual interest in its development.

Particular attention was paid to increasing trade turnover, implementing joint investment projects and effectively using Iran’s logistics potential to bring Kyrgyz goods to the Middle East markets. It was noted that strengthening economic ties meets mutual interests and opens up new opportunities for the business communities of the both countries.

The parties also emphasized the importance of the upcoming 14th meeting of the Joint Intergovernmental Commission on Trade, Economic, Scientific, Technical and Cultural Cooperation as a key platform for developing practical solutions to deepen partnership.

In addition, in Tehran, within the framework of the meeting of the Joint Intergovernmental Commission, Minister Bakyt Sydykov held talks with the President of the National Development Fund of Iran Mahdi Ghazanfari.

The result of this meeting was the signing of a Memorandum of Understanding aimed at forming an executive framework for the creation of a joint investment committee between Kyrgyzstan and Iran.

During the talks, Bakyt Sydykov emphasized the importance of the earliest possible launch of the Iranian-Kyrgyz investment office, noting its role in attracting Iranian investment in industry, energy, infrastructure and other key sectors of Kyrgyzstan’s economy.

The signed memorandum also provides for a credit line of €50 million by the National Development Fund of Iran. These funds will be used to support the export of Iranian technical and engineering services to Kyrgyzstan.

The parties expressed confidence that the agreements reached will become the basis for deepening bilateral economic ties and increasing trade turnover between Kyrgyzstan and Iran.