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First Meeting of the Advisory Group on Improving the Activities of Development Funds and State Banks

First Meeting of the Advisory Group on Improving the Activities of Development Funds and State Banks

On May 22, 2024, the first meeting of the Advisory Group on Improving the Activities of Development Funds and State Banks was held at the Secretariat of the Investment Council under the Cabinet of Ministers of the Kyrgyz Republic. The meeting focused on discussing emerging issues and developing consolidated proposals. This Advisory Group was formed following the decision of the Investment Council on May 6, 2024, to create a permanent dialogue platform involving business associations, development funds, state banks, and authorized government bodies.

During the meeting, the composition and Work Plan of the Advisory Group were reviewed. Proposals were discussed to improve the mechanisms for interaction between the business community and the development of financial institutions to create favorable conditions for access to finance.

The Advisory Group includes representatives from the Ministry of Economy and Commerce of the Kyrgyz Republic, the Ministry of Finance of the Kyrgyz Republic, the National Investment Agency under the President of the Kyrgyz Republic, the PPP Center under the National Investment Agency, the State Development Bank, Aiyl Bank, RSK Bank, the Russian-Kyrgyz Development Fund, the Azerbaijan-Kyrgyz Development Fund, the Hungarian-Kyrgyz Development Fund, the Social Partnership Fund for Regional Development, the International Business Council, the Agro-Industrial Complex Development Association, the JIA Association, and the Union of Banks of the Kyrgyz Republic.

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Meeting with the Delegation from the Federal State of Rhineland-Palatinate

Meeting with the Delegation from the Federal State of Rhineland-Palatinate

The Secretariat of the Investment Council conducted a meeting with a German business delegation from the federal state of Rhineland-Palatinate, organized by the Representative Office of the German Economy in Central Asia.

The Head of the Investment Council Secretariat, Uluk Kydyrbaev, conducted a B2B meeting with the Rheinhessen Chamber of Commerce and Industry, which boasts 42,000 members from various sectors. During the meetings, potential areas of cooperation and investment opportunities in the economy of the Kyrgyz Republic were discussed. Ms. Elvin Yilmaz, Head of the Foreign Trade Department of the Rheinhessen Chamber of Commerce and Industry, expressed interest in further cooperation with the Investment Council Secretariat.

The delegation's visit aimed to highlight the possibilities and prospects for establishing and expanding business relations between the Kyrgyz Republic and Germany. It also sought to promote the development of bilateral trade and strengthen connections between the business communities of both nations.

The Secretariat of the Investment Council extends its gratitude to the Representative Office of the German Economy for organizing the visit and to all participants for their active engagement and productive discussions. We anticipate that these meetings will pave the way for new mutually beneficial projects and enhance economic ties between our countries.

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Meeting with Kyrgyz Pharmaceutical Manufacturers Association and Pharmaceutical and Medical Activities Committee

Meeting with Kyrgyz Pharmaceutical Manufacturers Association and Pharmaceutical and Medical Activities Committee

A meeting was held at the office of the Investment Council Secretariat with the Kyrgyz Pharmaceutical Manufacturers Association and the Pharmaceutical and Medical Activities Committee under the Chamber of Commerce and Industry of the Kyrgyz Republic. The discussion focused on the development of the pharmaceutical industry in the country.

Representatives from the association and the committee expressed concerns about the reintroduction of VAT on pharmaceuticals, which had previously been abolished but is now being reinstated according to recent changes. They also emphasized the need for all manufacturers to comply with the international GMP (Good Manufacturing Practice) standard by the end of 2025. Failure to meet this standard could leave only two domestic producers in the market, potentially leading to serious supply issues for pharmaceuticals.

It was also noted that there are interested foreign investors from countries such as China and Japan who are willing to invest in the country's pharmaceutical sector. However, they have expressed concerns about the lack of necessary support from the government, including the provision of electricity, land plots, roads, and water supply.

The Investment Council Secretariat expressed its readiness to support the pharmaceutical industry and assist in resolving the identified issues to promote domestic pharmaceutical production and ensure the population of the Kyrgyz Republic has access to high-quality and affordable medicines.

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Insights from the Latest Economic Journalism Series

Insights from the Latest Economic Journalism Series

On May 17, an engaging meeting focused on the "Creative Economy" was held as part of the ongoing economic journalism series. This event brought together economic journalists and key figures from the creative economy sector in the Kyrgyz Republic.

Participants delved into the essence of the creative economy, discussing its unique characteristics and its synergy with other economic sectors. Highlighting global success stories, the discussion showcased how collaborations within the creative economy have attracted substantial investments.

Guest speakers shared updates on the activities of the Association of Creative Industries and the recent launch of the Creative Industries Park. Notably, the Creative Industries Park stands as a unique initiative worldwide, marking a significant milestone for the Kyrgyz Republic.

The event underscored the vital role of the media in raising awareness about the creative economy’s potential and benefits. It also emphasized the sector's contribution to fostering innovation and economic growth.

Notable attendees included:

Nazgul Kubakaeva, Director of the Association of Creative Industries;

Kanyshai Mamytova, Director of the Creative Industries Park;

Aiyimzhan Almazbekova, Vice President of Compass College and Member of the Supervisory Board of the Creative Industries Park.

Yrys Tursunalieva, President of the IP CHAIN representative office in the Kyrgyz Republic.

We extend our gratitude to all guests and journalists for their active participation and insightful contributions. Today's meeting has deepened our understanding of the creative economy's advantages, particularly for small and medium-sized businesses, and its critical role in the country's development.

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