On May 17, an engaging meeting focused on the "Creative Economy" was held as part of the ongoing economic journalism series. This event brought together economic journalists and key figures from the creative economy sector in the Kyrgyz Republic.

Participants delved into the essence of the creative economy, discussing its unique characteristics and its synergy with other economic sectors. Highlighting global success stories, the discussion showcased how collaborations within the creative economy have attracted substantial investments.

Guest speakers shared updates on the activities of the Association of Creative Industries and the recent launch of the Creative Industries Park. Notably, the Creative Industries Park stands as a unique initiative worldwide, marking a significant milestone for the Kyrgyz Republic.

The event underscored the vital role of the media in raising awareness about the creative economy’s potential and benefits. It also emphasized the sector's contribution to fostering innovation and economic growth.

Notable attendees included:

Nazgul Kubakaeva, Director of the Association of Creative Industries;

Kanyshai Mamytova, Director of the Creative Industries Park;

Aiyimzhan Almazbekova, Vice President of Compass College and Member of the Supervisory Board of the Creative Industries Park.

Yrys Tursunalieva, President of the IP CHAIN representative office in the Kyrgyz Republic.

We extend our gratitude to all guests and journalists for their active participation and insightful contributions. Today's meeting has deepened our understanding of the creative economy's advantages, particularly for small and medium-sized businesses, and its critical role in the country's development.

Recently, an advisory meeting was held at the Secretariat of the Investment Council under the Cabinet of Ministers of the Kyrgyz Republic, involving key insurers and government regulators. The meeting saw participation from representatives of the Kyrgyz Association of Insurers, the Ministry of Economy and Commerce of the Kyrgyz Republic, the Ministry of Finance of the Kyrgyz Republic, and the Antimonopoly Regulation Service.

The discussion focused on the main provisions of the President of the Kyrgyz Republic’s Decree and the directives of the Cabinet of Ministers aimed at developing the insurance market. Particular attention was given to issues related to eliminating potential competition restrictions and ensuring consumers' freedom to choose insurers.

The Kyrgyz Association of Insurers is actively engaging with market participants, including the State Insurance Organization, to address current issues through constructive dialogue. The Secretariat of the Investment Council is currently finalizing the review of the discussed proposals.

We express our gratitude to all participants for their active involvement and contributions to the successful conduct of the advisory meeting, which served as a platform for significant discussions and establishing effective dialogue between the government and the business community to coordinate further steps to improve the investment climate in the insurance sector.

As part of efforts to improve the business environment and investment climate in the Kyrgyz Republic, the Investment Council Secretariat has announced the formation of a new Advisory Group on Tax Disputes. The initiative aims to provide an open platform for constructive dialogue among stakeholders to facilitate the development of transparent and equitable tax dispute resolution mechanisms.

The announcement follows a recent meeting between Secretariat officials and executives from Natural Agro, a prominent agribusiness company. Head of the Secretariat Uluk Kydyrbaev and Chief Legal Expert Bakytbek Samakov represented the government, while Natural Agro was represented by General Director Mike Jonathan Lund and Financial Manager Valeria Golinko.

A key issue on the agenda was the inconsistency between Part 7 of Article 169 of the Tax Code of the Kyrgyz Republic and current legal norms, which made dispute resolution difficult. Specific issues included the identification of the competent state body and the clarification of relations in tax disputes.

"Natural Agro” is working with the Chamber of Tax Consultants to analyze and propose changes to the relevant legislation. They also raised issues related to tax registration for agricultural producers and challenges faced by processors during audits.

The newly established advisory group will include representatives from the business community, government agencies and professional associations. By promoting a comprehensive and inclusive dialogue, it aims to strengthen the business environment and investment climate in the Kyrgyz Republic. The group will focus on understanding current mechanisms and proposing fair and alternative approaches to resolving tax disputes, thereby helping to create a climate of confidence for responsible entrepreneurs and investors.

Protocol of the meeting at the Prime Minister's Office

of the Kyrgyz Republic on April 5, 2024 (download PDF file in Russian)

Work Plan of the Investment Council

under the Cabinet of Ministers of the Kyrgyz Republic for 2024 (download PDF file in Russian)