VIENNA (KyrTAG) – Austrian industrial and energy companies are willing to work in Kyrgyzstan but ask guarantees from its Government and cooperation with international financial institutions.

Last week, the Austrian President Heinz Fischer led the delegation of representatives of 17 country’s major companies during his official visit to Kyrgyzstan. Mr Fischer called on Austrian businessmen to increase their investment in the Central Asian country. According to KyrTAG, Austrian corporations are ready to invest in construction of hydro power plant only in cooperation with International Financial Institutions having authority over Kyrgyz administration.

“These companies are not consumed with desire to invest without participation of the World Bank or some other financial institute, which can invest major sums and demand strict legal guarantees of effective usage of funds. They explain such statement basing on the fact that there is no bilateral agreement between Austria and Kyrgyzstan on investment protection,” it was noted.

Meanwhile, three accords have been signed at the Kyrgyz-Austrian business forum held in Bishkek. The memoranda of cooperation were signed in the aeronautical, pharmaceutical, and educational fields, with Austrian firms pledging assistance on air traffic navigation systems, medical supplies, and cooperation between academic institutions.

Kyrgyz Economy Minister Temir Sariev also pointed to Austria’s expertise in developing its mountain tourism industry. “We are interested in attracting investors to mountain tourism,” Sariev said. “Between Austria and Kyrgyzstan is a geographical similarity: the mountains. It is therefore important for us to experience the Austrian mountain tourism, especially winter sports and ecotourism, though we have few ski resorts that meet European standards.