Last week, Uluk Kydyrbaev, Head of the Secretariat of the Investment Council, attended the mid-year board meeting of the Ministry of Economy and Commerce of the Kyrgyz Republic.

On July 17, the Ministry of Economy and Commerce held a board meeting, which included the participation of the Chairman of the Cabinet of Ministers - Chairman of the Investment Council, Akylbek Japarov, the Minister of Economy and Commerce and Chairman of the Board Daniar Amangeldiev, as well as members of the board including representatives from the Presidential Administration, the Cabinet of Ministers, various ministries, departments, affiliated organizations, and the media.

During the meeting, the results of the socio-economic development of the Kyrgyz Republic for January-June 2024 were reviewed and discussed, and objectives for the remainder of the year were set. Reports were presented by various divisions of the Ministry of Economy and Commerce, including the Department of Tourism, the "Kyrgyz Export" Center for Export Development and Promotion, Financial Supervision, and the Department of Bankruptcy Affairs.

In his speech, the head of the Cabinet of Ministers focused on the economic indicators. Kyrgyzstan's economic growth demonstrates sustainable development, with average GDP growth rates of 7% in 2023, and an acceleration to 8.8% in the first quarter of 2024. According to the National Statistical Committee, the economy grew by 8.1% in the first half of 2024, and by 9.9% excluding the Kumtor mine. The GDP volume exceeded 559 billion soms.

The board members also reviewed the state of executive discipline within the ministry for the reporting period.

"We need to triple our efforts to set the economy on a sustainable growth path and achieve the goals set by the Head of State to reach a GDP of 30 billion USD by 2030 and 200 billion USD by 2050," said the Chairman of the Cabinet of Ministers, Akylbek Japarov.

"In the framework of the 100th anniversary of the establishment of the Kara-Kyrgyz Autonomous Region, 136 new enterprises will be opened in the republic. The Ministry of Economy and Commerce must support these and other enterprises, as well as learn to protect the domestic market by creating favorable conditions for conducting business," added Akylbek Japarov.

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Protocol of the Investment Council meeting at the Prime Minister's Office

of the Kyrgyz Republic on July 3, 2024 (download PDF file in Kyrgyz and Russian)

The Secretariat of the Investment Council participated in a meeting dedicated to the potential accession of the Kyrgyz Republic to the "United Nations Convention on International Settlement Agreements Resulting from Mediation" ("Singapore Convention on Mediation"). The meeting was organized by the Ministry of Justice of the Kyrgyz Republic as part of a technical assistance project launched by the European Bank for Reconstruction and Development (EBRD) in collaboration with the International Development Law Organization (IDLO).

The Convention applies to international settlement agreements resulting from mediation and concluded by parties to resolve a commercial dispute, providing a harmonized framework for the enforcement and application of such agreements.

The Government of the Kyrgyz Republic supports mediation and promotes its development, including through accession to the Singapore Convention on Mediation. To support this important initiative, the EBRD and IDLO have launched a technical assistance project. The project's goals include supporting the process of signing and ratifying the Convention and assisting in the development of the necessary domestic legislation, raising public awareness, and achieving consensus to ensure the successful implementation of the Convention in the Kyrgyz Republic.

The Secretariat of the Investment Council under the Cabinet of Ministers of the Kyrgyz Republic supports the initiative of the Ministry of Justice to establish legal frameworks for the fair and effective resolution of international investment disputes through mediation, as well as the legal conditions for the development and improvement of the investment climate in the Kyrgyz Republic.