Kyrgyzstan’s economic week – Dec. 11-16, 2017

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Something new in the mortgage. Until the end of 2017, the State Mortgage Company plans to issue mortgage-backed securities. The issue of the mortgage-backed securities is one of the most effective tools for the development of the housing sector in Kyrgyzstan. In the whole world, it was the mortgage-backed securities that influenced the decline in the cost of mortgage loans and provided access to affordable housing.

WTO and reduction in bureaucracy. Kyrgyzstan at the WTO ministerial conference pointed to the importance of adopting a multilateral agreement on trade facilitation aimed at reducing bureaucratic procedures and accelerating the flow of goods across borders. Deputy Minister of Economy Eldar Abakirov took part from Kyrgyzstan in the WTO conference in the capital of Argentina.

He presented Kyrgyzstan in multilateral discussions and pointed out that landlocked countries are dependent on neighboring countries to provide transit routes and become vulnerable when one country that is in transit can literally keep the other from achieving the national goals of sustainable development. The WTO Ministerial Conference is the highest intergovernmental body of the World Trade Organization, at which the main decisions in world trade are discussed and adopted.

Without violations. Kyrgyzstan applies non-tariff measures in full compliance with the rules and norms of WTO agreements. During the 11th Ministerial Conference of the WTO in Argentina, Deputy Minister of Economy Eldar Abakirov stated that Kyrgyzstan does not violate the generally accepted WTO rules.

The panellists in their reports noted that non-tariff barriers still exist in the world trade and agreed on the necessity to further work on the transparency and predictability of the world trading system.

During the panel discussion, Abakirov said that non-tariff measures have a negative impact on trade and should not be used by countries for personal gain.

Uzbek investments. Tashkent will allocate $ 100 million to businessmen of Kyrgyzstan. These funds can be used to improve interaction with entrepreneurs in Uzbekistan. Minister of Economy of the Kyrgyz Republic Artem Novikov said that, the trade and economic direction between the countries is developing very positively. During the visit of President of the Kyrgyz Republic Sooronbai Zheenbekov to Tashkent, the trade and economic session took place with the participation of more than 350 entrepreneurs from Kyrgyzstan and Uzbekistan.

A meeting was also organized where Kyrgyz businessmen could talk with Uzbek partners about the possibilities of concluding contracts.

At the end of the meeting, representatives of the business community had certain contracts, like export contracts for the supply of Kyrgyz products to Uzbekistan, as well as import contracts.

Active regions. 80% of the commodity turnover of Kyrgyzstan falls on the regions of Russia, Vice Prime Minister of Kyrgyzstan Tolkunbek Abdygulov told at the Sixth Kyrgyz-Russian interregional conference "Eurasian integration as the basis for the development of the Kyrgyz-Russian foreign economic relations".

He said that this indicates that cooperation is developing not only between the capitals of the two countries. "Russia and Kyrgyzstan have historically been trade and economic partners. This conference shows that there is a connection not only between Moscow and Bishkek, but 80% of Kyrgyzstan's trade turnover falls on the regions of Russia," Abdygulov said, adding that the potential is much wider.

Continuation is possible. "In the sphere of energy, we started individual projects at the first stage and what did not work does not mean that the topic is closed," Arkady Dvorkovich, Deputy Chairman of the Russian Government said following the results of the plenary session of the Sixth Kyrgyz-Russian Interregional Conference "Eurasian Integration as the Basis for the Development of the Kyrgyz- Russian foreign economic relations ".

He said that its possible to resume the implementation of these projects after the appearance of sufficient markets for these products under acceptable conditions.

Answering the question, whether it is related to Upper Naryn cascade of HPPs, Dvorkovich answered that including this project too.

Duty free oil products. In 2018, Russia is ready to give Kyrgyzstan about 1 million tons of oil and oil products duty-free, Russian Deputy Prime Minister Arkady Dvorkovich said at a briefing following the results of the plenary session of the Sixth Kyrgyz-Russian interregional conference "Eurasian integration as the basis for the development of the Kyrgyz-Russian foreign economic relations."

The single currency of the EEU is possible. The introduction of a single currency within the framework of the Eurasian Economic Union is being discussed at an expert level, Deputy Prime Minister of Russia, Arkady Dvorkovich said in Bishkek.

He said that the idea of ​​a single currency periodically has been arousing by experts, but it is not discussed at the official level.

"We are interested in the use of national currencies in mutual trade, it is understandable that the ruble is a more common currency due to the size of the country, and trade in rubles will increase. We will come to a single currency, while its early to talk about it, we will continue the expert discussion," Dvorkovich said.

X5 Retail Group. Kyrgyzstan has signed an agreement with Russia’s X5 Retail Group, one of the leading multi-format food retail companies. The company manages the shops of several well-known retail chains in Russia - Pyaterochka, Perekrestok, Karusel.

The document was signed within the framework of the Sixth Russian-Kyrgyz interregional conference. The Russian company expressed a desire to work with entrepreneurs of Kyrgyzstan. It is planned to open new stores in Siberia.

"We are interested in bona fide suppliers of quality products. We identified such types of products as organic, agricultural products, fruits and vegetables. We will not put aside the issue of the growth of Kyrgyz entrepreneurs aside, we would like the best quality products to appear on the shelves of shops of the Russian Federation. I saw a lot of proposals also in the meat products and beverages segment," said representative of X5 Retail Group.

The results. On December 15, 2017, at the Sixth Russian-Kyrgyz interregional conference in Bishkek, the signing of bilateral documents was held, the press service of the Ministry of Economy of the Kyrgyz Republic reported.

The following documents were signed:

- Agreement between the Government of the Kyrgyz Republic and the Government of Tatarstan on trade and economic, scientific, technical and socio-humanitarian cooperation.

- Memorandum of Cooperation between Mechel-Steel Management Company and Kyrgyz Temir Jolu SE.

- Framework Loan Agreement between Roseximbank and the Russian-Kyrgyz Development Fund.

Kabar News Agency

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