In the Kyrgyz Republic, the predictability of the “rules of the game” for business is no longer a narrow, sectoral issue. The degree to which investors understand the logic behind government decisions, feel that their rights are protected, and trust public institutions directly affects both the sustainability of economic growth and entrepreneurs’ willingness to invest in long-term projects.

These questions - trust, legal protection and new mechanisms of state–business interaction - were at the heart of the recent National Investment Dialogue held in Bishkek. The event was organized by the National Investment Agency under the President of the Kyrgyz Republic, with the participation of the General Prosecutor’s Office, business associations that are members of the Council for Business Development and Investments under the Cabinet of Ministers of the Kyrgyz Republic, as well as the Secretariat of the Council.

The Dialogue became a logical continuation of ongoing reforms aimed at improving the investment climate: the entry into force of the Law of the Kyrgyz Republic “On Investments” and the parallel modernization of supervisory and digital tools by the General Prosecutor’s Office.

A new law and practical tools

In recent months, the state has taken a number of important steps that define a new framework for investments. The Law “On Investments” strengthens basic guarantees against expropriation, enshrines the principle of equal treatment of domestic and foreign investors, and sets out the main instruments for interaction between the state and the private sector.

Building on this legal framework, the National Investment Agency is putting in place practical infrastructure to support investors, including:

• an interactive investment map of the country;
• a unified registry of investment projects;
• a chatbot and online advisory services for investors;
• “one-stop shop” services for project facilitation.

The aim is to give investors a clearer view of opportunities and procedures, reduce administrative barriers, and make interaction with public authorities less bureaucratic and more service-oriented.

In parallel, the General Prosecutor’s Office is reinforcing another crucial pillar — the protection of businesses from unjustified inspections and undue pressure. A unified system for registering inspections, the proverka.gov.kg platform and the “Business Protection” mobile application allow entrepreneurs to record the actions of supervisory bodies and submit complaints online.

How far these innovations meet business expectations can already be seen in the feedback coming from the private sector, including through platforms such as the National Investment Dialogue.

“One of the key functions of public governance is communication”

Following the Dialogue, business associations underlined that, for them, it is not only the substance of reforms that matters, but also the way the state is willing to discuss them and respond to their consequences.

Sergey Ponomarev, President of the Association of Markets of the Kyrgyz Republic, emphasized the importance of genuine communication:

“One of the key functions of public governance is communication. It is extremely important when business and public authorities can truly hear each other, and when business has the opportunity not only to raise problems, but also to propose solutions. This allows state bodies to respond promptly and remove the difficulties and barriers that the business community faces.
We see that public authorities — in this case the National Investment Agency and the General Prosecutor’s Office of the Kyrgyz Republic — have a genuine interest and readiness to meet with business and address issues jointly.
The signing of the Memorandum, which sets concrete goals for improving the investment climate, strengthening cooperation and protecting business, as well as the substantive presentations by the National Investment Agency and the General Prosecutor’s Office, were important elements of this dialogue.”

In essence, this is about gradually rethinking the role of the state — not only as a regulator and enforcement body, but also as a partner that is ready to sit at the same table with business, discuss sensitive issues and adjust practice where needed.

Property rights and the rule of law: the foundation of trust

Another key focus for the business community remains what might be called the “classics” of the investment agenda - the protection of private property and the stability of law enforcement practice.

Askar Sydykov, Executive Director of the International Business Council, put it in very clear terms:

“The protection of private property and the rule of law remain among the key issues for doing business in the Kyrgyz Republic. That is why we welcome the initiative to sign the Memorandum and will use this platform to put forward proposals on protecting business and investments.”

For investors, it is not enough that laws are adopted; how they work in practice is decisive. What criteria are used to initiate inspections? How quickly and effectively can entrepreneurs challenge the actions of officials? What safeguards exist to prevent economic disputes from being unnecessarily criminalized?

The digitalization of supervisory functions and stricter procedural requirements for inspections and criminal cases are important steps toward a more predictable and trust-based environment.

“The Memorandum has to work in practice”

The American Chamber of Commerce in the Kyrgyz Republic (AmCham) highlighted another important dimension: the need for real, measurable protection rather than simply adopting new documents.

Altynai Asanova, Executive Director of AmCham, noted:

“The National Dialogue with the National Investment Agency and the General Prosecutor’s Office is a step that should lead not to declarations, but to real protection of business. Business is the locomotive of the economy, and we expect full transparency, objectivity and predictability in the actions of supervisory bodies. The Memorandum must work in practice: every appeal from entrepreneurs should be handled promptly, fairly and without pressure.
Such support will allow business to feel more confident and to invest in the country’s development.”

This viewpoint captures both the essence of the current moment and the expectations of the private sector: the Dialogue has taken place and the Memorandum has been signed — now the key question is how these commitments will be reflected in everyday decisions and procedures.

Digital resilience: a new dimension of confidence

Today, the investment climate is shaped not only by traditional legal guarantees, but also by digital resilience — the protection of data, the capacity to respond to cyber incidents and the clarity of rules in the digital economy.

The Association for Digital Resilience (DRA) drew attention to this dimension. Its Executive Director, Aisuluu Sydygalieva, stressed:

“The National Dialogue organized by the National Investment Agency and the General Prosecutor’s Office became an important platform for discussing systemic issues that affect the country’s cybersecurity and digital resilience. The private sector expects that such formats will strengthen the predictability of regulation and create conditions for the safe introduction of new technologies. The signed Memorandum is a significant step toward building a more resilient digital ecosystem. We believe that joint efforts by the state and business will help reduce risks, build trust and ensure the secure digital development of the Kyrgyz Republic.”

This approach is in line with global trends and with the priorities highlighted by the European Bank for Reconstruction and Development (EBRD) in its country strategy for the Kyrgyz Republic: digitalization, resilience, greater transparency and better risk management. From this perspective, the National Investment Dialogue can be seen as a first step toward a more systematic conversation on digital security for business - from the protection of commercial data to the prevention of fraud and cyberattacks.

 What the tripartite Memorandum changes

The central institutional outcome of the Dialogue was the signing of a tripartite Memorandum of Cooperation between the National Investment Agency under the President of the Kyrgyz Republic, the General Prosecutor’s Office and business associations.

The document reflects the parties’ intention to:

• strengthen legal guarantees for investors;
• improve procedures for inspections and supervision;
• establish permanent formats of dialogue between public authorities and business;
• jointly analyze systemic barriers and propose amendments to legislation and by-laws.

The Memorandum should not be viewed as a separate “new structure”, but rather as a way of codifying and strengthening principles and responsibilities within a dialogue that has already been evolving in practice.

Continuing the dialogue: the role of the Council

The National Investment Dialogue has become part of a broader effort to build a more systemic and predictable relationship between the state and the business community. At the core of this agenda lie clear rules, protection of property rights, transparent supervisory procedures and understandable feedback mechanisms for investors and businesses.

Within this emerging system, the Council for Business Development and Investments under the Cabinet of Ministers of the Kyrgyz Republic acts as a stable platform. It is here that proposals from business associations are consolidated, discussed and then brought to the attention of relevant public authorities. The Secretariat of the Council helps structure these initiatives and link them to ongoing reforms in regulation and law enforcement practice, including in the area of investment policy and investor protection.

Taken together, the National Investment Dialogue, the tripartite Memorandum and the work of existing dialogue platforms demonstrate a gradual but important shift: from fragmented consultations to a more institutionalized architecture of partnership between the state and business. If this architecture continues to be filled with concrete decisions and actions, it can become a solid basis for a more transparent, stable and predictable business environment in the Kyrgyz Republic.