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Kyrgyzstan aims to boost annual trade turnover with Russia

Kyrgyzstan Materials 11 October 2023 06:01 (UTC +04:00)
Kyrgyzstan aims to boost annual trade turnover with Russia
Abdullo Janob
Abdullo Janob
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BISHKEK, Kyrgyzstan, October 11. Kyrgyzstan is determined to increase its annual trade turnover with Russia to $5 billion, First Deputy Minister of Foreign Affairs of Kyrgyzstan, Asein Isaev, said, Trend reports.

He emphasized that the development of trade, economic, and investment ties with Russia plays a crucial role for Kyrgyzstan, with significant growth potential. Last year, the volume of trade between the two countries reached a record high of $3.4 billion.

Isaev highlighted that there is a growing need for mutually beneficial production cooperation between Kyrgyzstan and Russia.

As an example of successful collaboration, he pointed to the largest ongoing investment project between Kyrgyzstan and Russia, the Talas gold mining plant at the "Jerooy" deposit.

Isaev noted that special attention is currently given to investment cooperation and creating conditions for expanding the presence of Kyrgyz and Russian companies in each other's markets. Currently, there are 661 joint Kyrgyz-Russian enterprises in Kyrgyzstan.

In addition to the Interregional Conference platform, organizations such as the Russian-Kyrgyz Development Fund and the Intergovernmental Commission on Trade, Economic, Scientific, Technical, and Humanitarian Cooperation are effectively functioning.

According to the State Statistical Committee of Kyrgyzstan, the country's trade turnover with Russia amounted to $1.542 billion from January through July 2023, which is 16.6 percent less than in the same period in 2022 ($1.849 billion).

Russia was the second-largest investor in Kyrgyzstan from January through June 2023, preceded only by China. Russia's investments resulted in $87.255 million, which accounted for 20.3 percent of the total investment figure.

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