Kyrgyzstan’s economic week May 13 – 18, 2019

Trade for 2 billion. According to the results of the last three years, China ranks first in the trade turnover of Kyrgyzstan with foreign countries.
Kyrgyz Deputy Foreign Minister Nurlan Abdrakhmanov, at the Forum Kyrgyzstan-China Expert Analytical Dialogue, which was held in Bishkek this week, said that in 2018, trade between the two countries reached its highest level and amounted to 2 billion US dollars.
"The inflow of direct investments amounted to 245.43 million US dollars. The most important and promising areas of bilateral cooperation are cooperation in the field of infrastructure and transport, energy, processing, the mining industry and also cross-border cooperation of Xinjiang-Uigur Autonomous Region – the Kyrgyz Republic," he said.
GDP has grown. The gross domestic product (GDP) of Kyrgyzstan for the four months of this year amounted to 149 billion 622.6 million soms.
According to data of the National Statistics Committee of the Kyrgyz Republic, the achieved figure indicates an increase in Kyrgyzstan's GDP by 5.7% compared the same period last year.
"Without Kumtor development enterprises, the volume of GDP in January-April 2019 amounted to more than 131 billion soms, and increased by 1.6%," added the National Committee of the Kyrgyz Republic.
Export growth. The foreign trade turnover of Kyrgyzstan in the first three months of 2019 decreased by 3.3% compared to the same period of 2018.
According to data of the National Statistics Committee of the Kyrgyz Republic, the volume of trade from January to March amounted to 1 billion 533.3 million US dollars. At the same time, export deliveries increased by 13.7%, while import revenues, on the contrary, decreased by 8.7%.
The export growth was due to an increase in the volume of exported gold by 1.6 times, that its share in the total volume of export supplies of the republic increased from 31.9% to 46% in comparison with similar periods of the past and current years.
The supply of tobacco and tobacco products also increased by 12.5 times, ceramic products - by 7.7 times, meat - by 3.2 times, dried leguminous vegetables - by 2.2 times, cement - by 1.6 times, fruits and nuts - by 16.1%, waste and scrap of copper - by 14%, plastics and products from it - by 11.5%.
Salary growth. The average monthly nominal wage per employee in Kyrgyzstan is 15 thousand 716 soms. This average amount was calculated by the National Statistics Committee of the Kyrgyz Republic on the basis of reporting data of large enterprises throughout the country.
According to the National Statistics Committee of the Kyrgyz Republic, payroll statements of employees of small enterprises and organizations were not involved in the calculation.
Calculations showed that from January to March of this year, an increase in the rate of growth of the average monthly wage was observed at enterprises and organizations of all types of economic activity, except transport and logistics companies, as well as hotels and restaurants.
New industrial enterprise. A plant for the production of household radiators for heating was opened in Bishkek, which is the first such plant in the Kyrgyz Republic.
According to Director of the Investments Promotion and Protection Agency of the Kyrgyz Republic Shumkarbek Adilbek uulu, 40 million US dollars were invested for the construction of the plant, and negotiations on its launch were conducted for three years.
"For the construction of this plant, we began negotiations with a Chinese investor in April 2016 and received the consent in October, at the same time construction work began. 40 million US dollars were invested for the construction of this plant, 500 jobs will be created," he said.
Profit of banks. At the end of 2018, the profit of commercial banks of Kyrgyzstan amounted to 3.3 billion soms, which is 38% more than the level achieved a year earlier.
According to data of the National Bank of the Kyrgyz Republic, there are 25 commercial banks operating in the financial sector of Kyrgyzstan, 18 of which are with foreign capital. Their activity was recognized as profitable, since at the end of last year, out of the total number of operating banks, 21 had made a profit, although 4 banks ended the year with losses. Optima Bank OJSC, FINCA Bank CJSC, Demir Kyrgyz International Bank CJSC, Ayil Bank OJSC were the leaders in terms of the profit received.
At the same time, it was announced that in addition to the existing 25 banks, 3 banks in Kyrgyzstan are in the process of liquidation - AsiaUniversalBank OJSC, Manas Bank CJSC, Issyk-Kul Investbank OJSC, and the other two have their licenses revoked.
Business with Slovakia. The "Slovakia, your reliable partner for business and commerce" business forum was held in the Chamber of Commerce and Industry (CCI) of the Kyrgyz Republic, Bishkek. The event was organized by the CCI of the Kyrgyz Republic with the participation of the Embassy of the Slovak Republic and Ministry of Foreign and European affairs of Slovakia.
At the event, Slovak businessmen presented their services and products, information was provided on the investment climate, attractive areas of the Slovak economy.
Ambassador of the Slovak Republic to Kyrgyzstan, Milan Kollar noted that at the moment the level of trade turnover between our countries remains low.
"While there is a huge potential for the development of trade and economic cooperation. Slovakia has a favorable geographical location in the center of Europe. There is political and economic stability in the country. According to expert’s data, Slovakia is the country with the fastest economic growth and the best conditions for doing business," he said.
Projects for 2 billion dollars. A business forum "SCO: expanding the cooperation boundariesf" was held within the framework of Kyrgyzstan’s presidency in the SCO.
Within the framework of the forum and on the eve of the state visit of the Chairman of the People's Republic of China Xi Jinping to the Kyrgyz Republic, 5 memorandums and 3 agreements on the implementation of projects worth over $ 2 billion were signed between the two countries, including:
- Memorandum of cooperation between the Investments Promotion and Protection Agency of the Kyrgyz Republic, LLC Shenzhen Daren Group, LLC Lingbao Gold Group and Full Gold Mining LLC for the construction of a gold processing plant (the planned investment amount is $ 500 million );
- Memorandum of cooperation between the Investments Promotion and Protection Agency of of the Kyrgyz Republic, LLC Shenzhen Daren Group, AOOSOO Lingbao Gold Group, and LLC Full Gold Mining for the establishment of the Central Asian Precious Metals Exchange (the planned investment amount is $ 1,500 million United States);
- a memorandum of cooperation between the Investments Promotion and Protection Agency of of the Kyrgyz Republic and the Association of Building and Finishing Materials of the Guangdong Province on holding the Central Asian Canton Fair;
The main purpose of the business forum was to strengthen business cooperation, search for new partners, discuss topical issues and promising areas of activity, consolidate the professional potential of the SCO business community to develop proposals and recommendations for the upcoming meeting of the heads of the SCO member states.
Kabar News Agency