Kyrgyzstan - Latest News/Current Events, Economic Overview & Trade Relations
Quick Facts about Kyrgyzstan
| Official Name | Kyrgyz Republic |
| Capital | Bishkek |
| Location | Central Asia, west of China |
| Area | total: 198,500 sq km land: 191,300 sq km water: 7,200 sq km |
| Climate | dry continental to polar in high Tien Shan; subtropical in southwest (Fergana Valley); temperate in northern foothill zone |
| Terrain | peaks of Tien Shan and associated valleys and basins encompass entire nation |
Editor PicksBrowse Asia News Archive
Kyrgyzstan Constituents Visits Japan
Recently Kyrgyz companies as follows Akun, CardEx, Tumar Art Group and Studio of Tatyana Vorotnikova arrived in Tokyo to study Japanese experience and meet with potential business partners.
Recently Kyrgyz companies as follows Akun, CardEx, Tumar Art Group and Studio of Tatyana Vorotnikova arrived in Tokyo to study Japanese experience and meet with potential business partners. Representatives of the Ministry of Economy, Trade and Industry, Japanese foreign trade organization (JETRO), Japanese trade association Russia and CIS (ROTOBO), Japanese agency of international cooperation (JICA), Japanese businessmen all met with the Kyrgyz constituents. The visit and meetings comes as Kyrgyzstan and Japan seek to strengthen trade relations and look to create an investment sphere.read source article
Industrial Output Down 25 Percent
The latest report from the National Statistics Committee shows that the industrial production sector in Kyrgyzstan is crashing.
The latest report from the National Statistics Committee shows that the industrial production sector in Kyrgyzstan is crashing. This is based on statistics for the first two months of 2009. The data released stated that during the months of January-February industrial output contracted by 25 percent compared to the same period in 2008. The gross domestic product also declined at an estimated rate of 1.1 percent. The official inflation rate stands at 0.8 percent for the same period. The Commonwealth of Independent States (CIS) last month forecasted that consumer prices would increase by at least 13 percent.Muddied Look to Kyrgyz Power Deal
Russia looks to inject large amounts of money into Kyrgyzstan's power industry to relieve the energy shortages that constantly mars the Central Asian state.
Russia looks to inject large amounts of money into Kyrgyzstan's power industry to relieve the energy shortages that constantly mars the Central Asian state. The Kyrgyz President, Kurmanbek Bakiev, signed a $1.7 billion deal where the Russian state will invest in a hydroelectric scheme called Kambarata-1. The Kambarata will generate 6.1 billion kilowatt-hours of electricity a year. The scheme is aimed to produce enough energy to give Kyrgyzstan a surplus and turn it into an exporter of electricity. Some of the surplus energy will most likely be exported to Russia.read source article
Korea to Plan Kyrgyzstan State IT Net
Korea shall assist Kyrgyzstan in setting up an e-government system to increase the country's administrative efficiency and business environment
Korea shall assist Kyrgyzstan in setting up an e-government system to increase the country's administrative efficiency and business environment. The agreement shall be signed in the capital of Kyrgyzstan, Bishkek, on Tuesday. The plan will be implemented by May. E-government refers to the use of IT networks to enhance public services and interaction with citizens and businesses. Korea is believed to shell out $220,700 to help establish the e-government system. Kyrgyzstan continues to establish and advance in its IT sector. Korea's e-government system has been highly regarded by international organizations.Kyrgyzstan: to Give, it Seems the Kremlin Must First Take Away
In order to fill a promise to Kyrgyzstan, Russia's Kremlin is looking to take away $2 billion from an anonymous ally.
In order to fill a promise to Kyrgyzstan, Russia's Kremlin is looking to take away $2 billion from an anonymous ally. The aid was agreed upon on February 3, shortly after Kyrgyzstan voted to close Manas, a base currently used by US troops. Russia two legislative champers, the Duma and the Federation Council, adopted the amendments to the state budget to allow Kremlin to fulfill his $2.15 billion promise. President Dmitry Medvedev signed the bill on February 26. The aid is still being provided despite Russia being amongst the countries hit hardest by the global financial crisis. It is believed that in order for Russia to grant aid, many already approved programs shall suffer the consequences of this aid package.read source article
Japanese, Kyrgyz Business People Meet in Bishkek
During a Kyrgyz-Japanese business forum held in February, participants stated that there is potential for trade and economic relations that has not been fully exploited.
During a Kyrgyz-Japanese business forum held in February, participants stated that there is potential for trade and economic relations that has not been fully exploited. Kyrgyzstan is not one of Japan's trading partners, trading below the amounts of Kazakhstan, Uzbekistan and Turkmenistan. Over the last three years, the tides have turned where trade turnover between the two nations has increased by 13 times from $2.6 million in 2005 to over $35 million in 2008. The deputy Minister of Economic Development and Trade of Kyrgyzstan, Sanjar Mukanbetov, said that Kyrgyzstan offers various sectors in which foreign investors could invest in. One of the notable outcomes from the forum includes more information exchange required to assist businesses from both nations to find potential partners.Browse Asia News Archive
Trade Agreements
Armenia - Kyrgyz Free Trade Agreement
http://www.worldtradelaw.net/fta/agreements/kyrarmfta.pdf
CISFTA – Commonwealth of Independent States FTA
Belarus
Georgia
Moldova, Republic Of
UkraineNever fully implemented by all members, although Free Trade Area was created in 1999; future prospects unclear. http://www.worldtradelaw.net/fta/agreements/cisfta.pdf
Eurasian Economic Community Customs Union
The EAEC attempts substantial integration in post-soviet nations. It arose out of the CIS customs union as all the members were CIS members. The agreement strives to create a common market, customs union, standardized currency exchange, develop programs for social and economic development, a general energy market and several equal rights for citizens, including health care. The EAEC consists of an intergovernmental council, Secretariat, Commission of the Permanent Representatives, Interstate parliamentary assembly, Law Court, and Integration Committee. http://secretariat.efta.int/Web/ExternalRelations/PartnerCountries/Singapore
Kyrgyzstan – Kazakhstan Free Trade Agreement
Kyrgyzstan – Moldova Free Trade Agreement
Moldova, Republic OfKyrgyzstan – Ukraine Free Trade Agreement
UkraineKyrgyzstan – Uzbekistan Free Trade Agreement
US – Central Asian TIFA
The US-Central Asian TIFA will allow member countries to address trade issues and promote US trade and investment to Central Asia. It will open up a market of 55.9 million consumers to the United States. A Council was created with the agreement to promote an ongoing dialogue and open forum for countries improve trade relations. http://www.ustr.gov/assets/Trade_Agreements/TIFA/asset_upload_file683_7722.pdf
Trade Organizations
Economic Cooperation Organization (ECO)
The Economic Cooperation Organization (ECO) is an intergovernmental international organization involving ten Asian nations. It provides a platform to discuss ways to improve development and promote trade, and investment opportunities. The nations involved are Afghanistan, Azerbaijan, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan, Turkey, Turkmenistan and Uzbekistan. The common objective is to establish a single market for goods and services, much like the European Union. ECO's secretariat and cultural department are located in Tehran, its economic bureau is in Turkey and its scientific bureau is situated in Pakistan.
Eurasian Economic Community (EuAsEC or EAEC)
The Eurasian Economic Community (EuAsEC or EAEC) is an intergovernmental organization of 6 nations and is also part of the CIS Customs Union. All members are also members of the older Commonwealth of Independent States.