M'sians urged to invest in Kyrgyzstan's infra
Published on: Friday, September 28, 2018
Kuala Lumpur: Kyrgyzstan is working on creating a more conducive economic and business environment, as well as aviation infrastructure, to further lure foreign investors to the Central Asian nation.Charge d'Affaires of Kyrgyz Republic to Malaysia, Kushtarbek Shamshidov said Kyrgyzstan and Malaysia had a long history of bilateral cooperation and their relations currently were progressing steadily."There is a need to intensify Kyrgyzstan-Malaysia bilateral cooperation as trade remained small due to absence of a direct air link between Bishkek and Kuala Lumpur," he said, adding that both parties were making efforts towards that goal.
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"In the past few years, the trade turnover (Kyrgyzstan-Malaysia) was between US$5 million and US$10 million annually. It is hard for us to improve because Kyrgyzstan is a landlocked country."This means we don't have access to sea and we are surrounded by countries which are also not connected to the sea. Now, we are working on developing our aviation system and international airport," Shamshidov told Bernama in an interview here, recently.He said the Kyrgyz Government was also inviting foreign countries including Malaysia to participate in improving its aviation system and also work together to develop air connectivity with the regions and other continents.Shamshidov said his embassy was working with Malaysia's Transport Ministry to invite interested companies to come and invest in Kyrgyzstan's infrastructure, as well as seek mutually beneficial bilateral cooperation.
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"We are working with Malaysia's International Trade and Industry Ministry to organise a business forum on business opportunities in Kyrgyzstan, hopefully in November," he added.He said his government welcomed Malaysian businessmen interested to invest in Kyrgyzstan which is rich in mineral resources, and mining which is an important contributor to its economy.
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He said Kyrgyzstan also welcomed Malaysian investors in the tourism sector, hydropower and clean energy as well as Free Economic Zones namely in Bishkek, Naryn, Karakol and Maimak."Our government pays special attention to the protection and promotional of foreign investments. We also have the most beneficial tax system in the region, which is 12 per cent value-added tax (VAT), 10 per cent income tax and 10 per cent profit tax," he explained.On the Kyrgyz economy, Shamshidov said his country was the first post-Soviet country to join the World Trade Organisation in 1998, and today, it had good economic relations with many countries including the two biggest countries in the region, namely Russia and China which were its largest trading partners.Kyrgyzstan is also part of the Eurasian Economic Union, an integrated single market with common tariff, free movement of people, goods, services and capital. Other members in the union are Belarus, Kazakhstan, Russia and Armenia.Shamshidov said Kyrgyzstan had a preferred tariff system, Generalised System of Preferences (GSP) Programme, granted by the European Union. This is also a good advantage for investors to come and manufacture products and export to other markets.He said Kyrgyzstan emphasised on economic and investment, education and tourism, adding the cooperation with Malaysia in education and tourism were progressing steadily."We now have many students who are interested to pursue higher education in Malaysia. I think we also have Malaysian tourists visiting our country and the number is increasing. Beginning of 2005, we had few hundreds, now starting from 2017, we have few thousands," he noted.Shamshidov also pointed out the potential of Islamic tourism in Kyrgyzstan, as the country's majority of the population comprised Muslims and Islam, being the main religion.Stay up-to-date by following Daily Express’s Telegram channel.
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