Akylbek Zhaparov, Chairman of the Cabinet of Ministers and Head of the Administration of the President of the Kyrgyz Republic announced that Kyrgyzstan has attained an average GDP growth rate of 7%, with an accelerated growth rate of 8.8% in the first quarter of 2024 at the International Energy Investment Forum in Vienna.
Speaking during the panel session “Investment Opportunities Related to the Transition to Clean Energy,” Zhaparov presented the country's progress in economic and energy reforms.
"Recent years have seen Kyrgyzstan's economic growth shatter previous records, showcasing an exceptionally sustainable development trajectory," stated Zhaparov.
Moody's recent upgrade of Kyrgyzstan’s credit rating outlook from negative to stable, along with the confirmation of long-term issuer ratings in national and foreign currencies at B3.
Zhaparov highlighted the milestone of the 100th anniversary of the Kara-Kyrgyz Autonomous Region, an event marked by the launch of over 100 major projects and industrial enterprises, as well as 100 social facilities.
In the energy sector, Zhaparov emphasized the ongoing "period of revival." The Kyrgyz government is revising tariffs and offering benefits to attract investors, with over 50 renewable energy projects already underway. The state recently completed the Bala-Saruu hydroelectric power station, now powering the Talas region.
He called upon international organizations to collaborate on energy projects, notably the ambitious Kambarata HPP-1 hydroelectric power station, which will boast a capacity of 1860 megawatts.
"Joint efforts will enable the construction of the largest hydroelectric power station in the region, opening new horizons for green energy in Central Asia," Zhaparov asserted.
The Chairman also discussed advancements in agriculture, where new management methods and technologies are being introduced. He invited proposals for joint agricultural enterprises and announced the construction of international-standard laboratories.
Tourism, a key sector with untapped potential, is set for a transformation with the construction of a new ski cluster, dubbed the "Kyrgyz Courchevel." This project, spearheaded by French company S3V - Société de Trois Vallees, aims to create 200 km of ski slopes, catering to up to 850,000 tourists annually. An additional resort near Bishkek featuring a 20-kilometer funicular, built by Austrian company Doppelmayr, promises year-round recreational opportunities just minutes from the capital.
Concluding his speech, Zhaparov urged forum participants to collaborate on large-scale projects, expressing gratitude to international financial institutions and regional government representatives for their interest and support.
"Kyrgyzstan is open for business, and we are ready to embark on this journey towards a sustainable, prosperous future together," he affirmed.
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