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Kyrgyzstan Promises Kazakh Businessmen to Protect Investments

Tuesday 25 October 2011

BISHKEK (24.kg) – Acting Kyrgyz Prime Minister promised Kazakh businessmen to protect investments. Omurbek Babanov stated at today’s Kyrgyz-Kazakh Investment Business Forum.

According to him, trade between two countries is estimated at US $438 million and grew by 34% for 8 month of 2011. “These data do not fully reflect the capabilities of two economies. The inflow of direct investment from Kazakhstan in the KRG was more than $1 billion since 2005. This figure is related to investment opportunities of Kyrgyzstan and to the problems the Kazakh business was faced. Private property is inviolable in the KRG, and investment protection is the first task of the country’s Government. All disputes will be resolved through the legislation. Now 290 Kazakh companies and about 100 enterprises with Kazakh capital work in Kyrgyzstan,” said Omurbek Babanov.

He recalled that the medium-term development program of the KRG has 40 national projects. “I am sure, the Kazakh business structures will participate in these projects. “Creating a joint investment fund will be reflected on attracting investment, supporting Kyrgyz entrepreneurs. The republic’s Government, in its turn, works to improve the business environment,” said the official.

“I am sure the elections in the KRG which will be on a competitive basis, will be open-and transparent, in the spirit of democracy. The President is elected for 6 years. A coalition Government will be created in Kyrgyzstan. This will stabilize our economic situation and investors will understand the direction in which the republic moves. The country is attractive for investment. We are the first in Central Asia have chosen parliamentary form of government that guarantees protection of investments, regardless of their affiliation. This protection is possible both in Parliament and in the media, and in the Government, from the president, and civil society. We do not have one family, which ensures safety. Kyrgyzstan is becoming more attractive for investment than in previous years,” concluded Omurbek Babanov.

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