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Kyrgyzstan plans to launch production of basalt fiber

The VIII Russian-Kyrgyz interregional conference “New horizons of strategic partnership and integration” was held in Bishkek at March 28 2019, the capital of Kyrgyzstan, with the participation of Presidents Vladimir Putin and Sooronbay Jeenbekov.

The conference, organized with the support of the Ministry of economic development of Russia, the Ministry of economy of Kyrgyzstan and the Roscongress Foundation, was attended by more than 700 representatives of government agencies, large companies and financial institutions of the two countries. During the conference, which was held as part of the state visit of Russian President Vladimir Putin, a number of agreements and documents on cooperation were signed.

“Presidents Vladimir Putin and Sooronbay Jeenbekov have set the task to bring the level of mutual trade between Kyrgyzstan and Russia to $4 billion,”

Daniyar Imanaliyev, head of the Department of policy, strategic development, economy and Finance of the Office of the President of Kyrgyzstan, said at a press conference.

According to the official, this figure may increase to $6 billion – under the condition that all agreements concluded by the Russian and Kyrgyz authorities and business circles during the VIII interregional conference held in Bishkek as part of the state visit of the President of Russia will be implemented.

“In terms of trade, 13 contracts were signed for the supply of agricultural products for almost $88.4 million, and 5 contracts for the supply of industrial products for $531.8 million. An agreement on the production of basalt fiber for $500 million was signed.”,

-summed up Imanaliyev.

At the end of 2018, Kyrgyzstan’s foreign trade turnover is $6.7 billion (more than 433.7 billion rubles at the current exchange rate). Including with the member states of the Eurasian Economic Union-$2.3 billion (more than 148.9 billion rubles).

Kyrgyzstan traded most actively with Russia, which accounted for 66.3% of the Republic’s trade with the EAEU member States.

Particular attention was given to the round table “Development of mechanisms of investment and financial cooperation”, which was devoted to the development of mechanisms of investment and financial cooperation. They discussed the potential of Kyrgyzstan’s financial sector for foreign investors, mechanisms for attracting Russian banks, and the role of the Russian-Kyrgyz development Fund in attracting Russian capital to Kyrgyzstan. Successful projects of the Foundation were presented.

“The agreements between the governments are aimed at establishing close contacts. According to specific agreements between companies, entrepreneurs of the two countries can only draw the initial conclusions. We all hope that the total amount of agreements in the field of exports and mutual investments will exceed $6 billion. These are the documents that were signed yesterday, today and will be signed in the future”,

said the Minister of economy of the KYRGYZ Republic Oleg Pankratov.

  • Fund Roscongress – socially oriented non-financial development institution, the largest organizer of international congresses, exhibitions and social events.

Countries: Kyrgyzstan, Russia

Industries: Finance & Investment, General society

Terms: Capital, Investment

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