Kyrgyzstan expects to increase trade turnover with Russia to $5 billion

Russia and Kyrgyzstan have the opportunity to increase annual trade turnover to $5 billion despite the difficult processes in the global economy. This was stated by the head of the Cabinet of Ministers of the Republic, Akylbek Zhaparov, at the interregional conference “New Horizons of Industrial Cooperation between Russia and Kyrgyzstan.”

According to him, from 2018 to 2022, trade between countries grew 1.8 times, reaching a record 3.4 billion at the end of last year. Russia’s share in Kyrgyzstan’s total trade turnover increased to 27.4%, including in exports – 44.1% and imports – 23.6%.

“Our respected Russian colleagues and I are unanimous in the opinion that we have every opportunity to increase bilateral trade turnover to $5 billion, even despite the current complex processes in the global economy,” – leads Japarov’s words from his press service.

The volume of foreign direct investment from Russia amounted to $145.6 million in 2022, and $87.2 million in the first half of 2023. At the conference, it is planned to sign contracts totaling $3.5 billion, he emphasized. Thus, the plenipotentiary representative of the President in the Jalal-Abad region and the Russian AB Energo LLC will sign an agreement on the development and implementation of investment projects and the construction of a 660 MW coal thermal power plant in this region for $2.3 billion.

“We have room to grow. We clearly understand the need to implement large investment projects, which, in turn, will contribute to the development of small and medium-sized businesses, as well as the diversification of connections and the creation of new production capacities,” added the head of the government of the republic.