BISHKEK, Kyrgyzstan, December 21. The volume of industrial production in Kyrgyzstan has nearly increased by 1.7 times over the five years, reaching 435 billion soms by 2022 ($4.89 billion), Trend reports.
Minister of Economy and Commerce of Kyrgyzstan, Daniyar Amangeldiev, shared this information during a press conference evaluating the outcomes of the year 2023.
"The value of industrial production in the country by the end of the 11 months of 2023 reached 428.2 billion soms ($4.81 billion), which is an increase of 1.8 percent compared to the same period in 2022. We anticipate exceeding 2022's figures by the year's end," the minister said.
He attributed the growth in industrial production to several factors.
"Firstly, systemic reforms have been implemented in the industrial sector. The process of allocating land for the manufacturing sector has been streamlined, granting local authorities the power to designate industrial zones," he explained.
Secondly, fiscal support has been extended through the tax system, offering tax and customs privileges directly to projects within the manufacturing sector.
"Thirdly, negotiations with domestic and foreign investors have intensified, activating the industrial sector in Kyrgyzstan through administrative, financial, and guarantee instruments facilitated by investment agreements. Additionally, a system has been adopted to prioritize domestic producers within state procurements," the minister noted.
He also mentioned that new industrial facilities are emerging in sectors such as textiles, energy, agricultural product processing, construction materials, and pharmaceutical production.