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    Economics Kyrgyzstan

    Kyrgyzstan-Germany trade turnover increases 5.5 times in four years

    Kyrgyzstan-Germany trade turnover increases 5.5 times in four years

    The joint trade turnover between Kyrgyzstan and Germany has increased 5.5 times over the past four years, from 2019 to 2023, with imports rising nearly sixfold, the Cabinet of Ministers reported.

    Photo: Adylbek Kasymaliev highlights Germany's pivotal role in Kyrgyzstan’s development
    Source: Cabinet of Ministers of Kyrgyzstan 

     

    Adylbek Kasymaliev, the First Deputy Chairman of the Cabinet of Ministers of the Kyrgyz Republic, highlighted the importance of Germany as a pivotal partner for Kyrgyzstan in both political and economic spheres. This announcement was made during the Kyrgyz-German business forum, “Economy Day of Kyrgyzstan in Frankfurt am Main.”

    Kasymaliev, speaking in Frankfurt, highlighted Kyrgyzstan's central Asian origin and emphasized the strong historical ties with Germany. He stressed the purpose of the delegation's visit as fostering bilateral partnership and collaboration in finance and business between the two nations.

    “The delegation of the Kyrgyz Republic arrived from the very heart of the Central Asian region - from Kyrgyzstan to one of the centers of financial and business life not only in Germany but throughout the entire European continent - the city of Frankfurt am Main. We came to our old friends to think together about what we can and what we need to do to promote our bilateral partnership.”
    Photo: Over 180 joint Kyrgyz-German enterprises thrive in Kyrgyzstan
    Source: Cabinet of Ministers of Kyrgyzstan 

     

    Over the past 32 years, Germany has played a vital role in Kyrgyzstan’s development, implementing numerous social projects. Kasymaliev specifically mentioned the establishment of the Anti-TB Clinic and Perinatal Center in Bishkek, which were constructed and equipped to the highest standards.

    Kasymaliev highlighted the presence of over 180 joint Kyrgyz-German enterprises operating in Kyrgyzstan.

    “Since 2020, Kyrgyzstan has moved from a cumbersome model of public administration to a more mobile and flexible one,” Kasymaliev noted. 

    This shift has enabled more efficient coordination of economic processes, rapid responses to business community needs, and prompt decision-making. He pointed out that the Kyrgyz economy has shown sustainable growth with an average GDP growth rate of over 7%, accelerating to 8.8% in the first quarter of 2024.

    Photo: Documents signed at Kyrgyz-German business forum in Frankfurt
    Source: Cabinet of Ministers of Kyrgyzstan 

     

    Kasymaliev invited German businesses to participate in investment projects, emphasizing Kyrgyzstan’s liberal tax regime, the most favorable in Central Asia. He encouraged German companies to explore the vast opportunities in Kyrgyzstan and invest in joint ventures.

    The First Deputy Chairman also discussed strategic projects such as the construction of a railway along the China-Kyrgyzstan-Uzbekistan route and the Kambarata HPP-1, highlighting their potential to enhance regional connectivity and economic growth.

    Concluding his speech, Kasymaliev expressed optimism about the future of Kyrgyz-German cooperation. 

    “The potential of mutual cooperation between the two countries has not been fully realized. Germany is one of the key partners in Europe, not only in politics but also in trade and economic matters. I am confident that useful discussions will take place at this Forum, new ideas and views on cooperation will emerge, and new prospects will arise for expanding Kyrgyz-German cooperation,” he said.

    The business forum resulted in the signing of several important documents, including:

    • A Memorandum of Understanding between the Green Energy Fund under the Cabinet of Ministers of the Kyrgyz Republic and the German-French banking group ODDO BHF.
    • A contract for the supply of agricultural machinery for leasing purposes between Aiyl Bank, MTS Standard Agroservice, and Amazonen-Werke.
    • Another contract for the supply of agricultural machinery for leasing purposes between Aiyl Bank, MTS Standard Agroservice, and Grimme Landmaschinenfabrik.

     

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    23.06.2024, 16:36   Comments (0)   1954
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