Kyrgyzstan’s ambitious economic objectives from the High-Level Development Conference
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stone4
4.5 stars
July 13, 2013 02:39 am
More on this weeks High-Level Development Conference, I especially like what they say about existing investors.
With the promises being made during this conference, the Kyrgyz Gov. would be fools to renege on Stans and Centerra's operations, it would set them back for years. They could forget the support (money) they expect from the countries attending this conference. I just can't see how a few bribed politicians will have enough influence to kill what the Kyrgyz Gov. is trying to achieve from this conference, it goes completely against the grain. With that said, I think It's good thing that this conference has taken place before the court hearings, it makes it more difficult for them to make a decision based off of bribes and corruption.
12/07/2013 - Kyrgyzstan’s ambitious economic objectives
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Category: Economy, Finance & Investment News
Published on Friday, 12 July 2013Written by Victor Winner
The high-level conference in Bishkek (www.gov.kg)
BISHKEK (TCA) — A High-Level Development Conference was held on July 10-11 in Bishkek, Kyrgyzstan, with the participation of leaders from Kyrgyzstan and representatives of international organizations. The National Strategy for Sustainable Development until 2017 was discussed.
"Our task within the next 5 years is to make the country a stable state with a rapidly growing economy and rising incomes, with large-scale development support from partners. The strategic vision of the country allows us to develop these plans. The goals of the national strategy are aimed at areas such as the mining sector, tourism, and the financial sector. The improvement of the investment climate and business environment is very important. Systemic reforms and national projects are impossible without high quality management and a fight against corruption," Kyrgyz President Almazbek Atambayev’s message to the conference reads.
"The main achievement of Kyrgyzstan in 2010-2012 was overcoming the collapse of the economy due to the global crisis and domestic political events, as well as the technogenic accident at Kumtor [gold mine] last year," said the Minister of Economy, Temir Sariev. "The state budget is socially oriented: the total share of social spending in 2012 accounted for 47% of all government spending. Foreign direct investment in 2009 and 2012 tended to decrease, with the exception of 2010, when it was possible to maintain the stability of the financial sector. During this period the banks’ loan portfolio increased 1.8 times, but at the same time the interest rates remained high (29-30%), and private transfers grew by almost half (from $1 billion in 2009 to $2 billion in 2012). By the way, the poverty level in the Batken region decreased from 50.2% to 35.6% due to these money transfers. The consumer price index ranged from 0% in 2009 to 20% in 2010. The main influencing factors were the increase in world oil prices, the dependence of the internal bread market on import, and an increase in government spending on higher salaries to teachers and doctors. Today the level of inflation is 1.5%. The cumulative economic growth over this hard period in Kyrgyzstan was 4.5%."
"The National Sustainable Development Strategy covers five years," Prime Minister Jantoro Satybaldiyev said. "But in order to finance the list of the national projects, funding sources of $10 billion have been found. Currently the Government is still looking for sources of funding in the amount of more than $10 billion."
The Government appealed to donors to carefully examine the proposed list of national projects. One of the challenges was the need to improve the efficiency of assistance provided by the partners.
Activities undertaken by the Government which are aimed at developing the investment environment were presented at the conference. Among them are reducing the number of compulsory licenses twofold; the introduction of the norm "Silence means consent"; the reduction of business inspections; the introduction of a visa-free regime for citizens of 44 countries; the work on introducing electronic visas; adoption of a new law on mineral resources; simplifying the accounting of business entities; introducing changes into the Tax Code.
"The customers of all our reforms are the recipients of all the services — the private sector. For these purposes, a Council for Business Development and Investment under the Government was established, which meets every two months. In this regard, we call on the civil society for new initiatives and proposals with a view of creating an enabling environment for the existing investors. After all, new investors will come to the country not because of the promised preferential treatment, but because the existing investors thrive," said First Deputy Prime Minister Djoomart Otorbaev. "The Government will make changes in the Tax Code on VAT and sales tax; pass a law to halve the current list of more than 200 licenses and permits; enhance deposit protection procedures in line with the best international practices; practice the Open Skies policy in the field of passenger transport and liberalize air space; make changes in the judicial system, in particular, in strengthening the judicial proceedings in the courts of arbitration."
"Kyrgyzstan is building democracy and focusing on economic development. The Government confirmed by their actions that it seeks political stability," said Parliament Speaker Asylbek Jeenbekov. "We have to achieve an ambitious goal — to show the world that Kyrgyzstan has succeeded as a democratic country."
Therefore, Kyrgyzstan hopes for a large-scale development support from its international partners.
http://www.timesca.com/index.php/...ans-ambitious-economic-objectives
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