The 10th anniversary Kyrgyz-Russian interregional conference, "New Horizons of Industrial Cooperation between Russia and Kyrgyzstan," held in the city of Jalal-Abad, has concluded with the signing of documents and contracts amounting to more than $3.5bn, reaffirming the strong economic ties between the two nations. The significant agreements were announced by Akylbek Zhaparov, Chairman of the Cabinet of Ministers and Head of the Administration of the President of the Kyrgyz Republic, during the plenary session of the conference.
This milestone event celebrated the robust economic partnership between Kyrgyzstan and Russia, built upon historical and allied ties, strategic cooperation, and their shared membership in the Eurasian Economic Union, which serves as a foundation for multifaceted collaboration.
Zhaparov highlighted the remarkable growth in bilateral trade over the past five years, with mutual trade increasing by 1.8 times, exports by almost 3 times, and imports by 19.3%. In 2022, trade turnover reached record levels, reaching $3.4bn, with Russia's share in Kyrgyzstan's total trade turnover amounting to nearly 28%, including 44.1% in exports and 23.6% in imports.
Both Kyrgyzstan and Russia are committed to further expanding their trade ties. Zhaparov expressed his confidence that the bilateral trade turnover could reach $5bn, even amidst the complexities of the global economy. He noted that foreign direct investment from Russia had been steadily increasing, providing opportunities for both nations to implement significant investment projects, which, in turn, would contribute to the development of small and medium-sized businesses and the diversification of their relations.
Zhaparov also stressed the need to elevate their partnership in the trade and economic sphere and enhance interregional cooperation. This includes fostering industrial cooperation projects and integrating domestic enterprises into value chains while opening joint ventures.
Additionally, Zhaparov highlighted the importance of expanding cooperation in various sectors, such as machinery and equipment production, machine tools, the chemical industry, digitalization, microelectronics, and the light industry, which holds great potential. Joint export-oriented enterprises in clothing and textile industries and the processing of agricultural products are areas of interest, with plans to construct trade and logistics centers for agricultural products in Kyrgyzstan.
The conference concluded with the signing of several significant agreements, underlining the commitment to further strengthen economic cooperation between Kyrgyzstan and Russia. The most substantial deal was the agreement signed between the Plenipotentiary Representative Office of the President in the Jalal-Abad region and AB Energo, covering the development and implementation of an investment project to construct a 660 MW coal thermal power plant in the Jalal-Abad region, with a total value of $2.3bn.
Other agreements encompassed areas such as hydropower, and renewable energy sources, including the construction of wind and solar power plants, geology, medicine, fisheries, the railway industry, and the purchase of automotive equipment.
Following the plenary session, an exhibition showcasing the economic potential and opportunities for cooperation between Kyrgyzstan and Russia was inspected by Zhaparov and Alexey Overchuk, reinforcing the commitment of both nations to furthering their economic partnership.
Follow Daryo's official Instagram and Twitter pages to keep current on world news.
Comments (0)