In a strategic move to enhance its appeal to global investors, Kyrgyzstan is deliberating the adoption of the English legal system, as announced by President Sadyr Japarov during the People's Kurultai in Bishkek, the president's press service reported.
President Japarov outlined the economic agenda, highlighting progress under the "National Development Program of the Kyrgyz Republic until 2026." Emphasizing the need for additional growth rates, the new economic policy will focus on capital market reforms, an active export policy, the establishment of a multimodal trade and logistics center, and the promotion of financial and economic literacy.
Recognizing the global trend of digitalization in stock markets, Japarov stressed the importance of developing the stock market and its digital infrastructure. This, he believes, will enable businesses to diversify financing sources and attract long-term investments while providing citizens with additional income opportunities and avenues for savings.
Looking to the future, Japarov sees the potential for attracting investments through the stock market for national projects such as hydroelectric power plants and industrial initiatives.
Therefore, President Japarov underscored the critical role of a robust legal framework in attracting international investment, stating;
"If we want to enter the international investment market, the introduction of English law is a very necessary step."
Japarov explained that major investors prioritize jurisdictions with a reputation for a fair and impartial legal system. He urged a shift in citizens' perception towards viewing investors as contributors to economic growth rather than adversaries seeking to exploit resources.
Currently operating under the Romano-Germanic legal system, Kyrgyzstan is considering transitioning to the English legal system, which is renowned for its fairness and efficiency and is prevalent in countries like the United States, New Zealand, and Northern Ireland.
The proposed shift aligns with Kyrgyzstan's ambitions to position itself favorably in the global investment landscape. By adopting a legal framework recognized worldwide, the country aims to instill confidence in potential investors, attracting capital crucial for economic development.
The People's Kurultai of Kyrgyzstan, functioning as a public representative assembly with advisory and supervisory roles, plays a crucial role in shaping the country's development direction. The Constitution grants the People's Kurultai the right to legislative initiative, providing a platform for discussions on national matters.
Follow Daryo's official Instagram and Twitter pages to keep current on world news.
Comments (0)