The meeting of the Investment Council under the Cabinet of Ministers of the Kyrgyz Republic was held on July 3, 2024 under the leadership of Chairman of the Cabinet of Ministers Akylbek Japarov.

Executive Director of the International Business Council Askar Sydykov took part in the discussions at the meeting.

A number of issues were considered at the meeting. The results of the participation of the Kyrgyz delegation at the International Energy Investment Forum in Vienna were summed up. Reports were heard from the Kyrgyz Export Center on measures taken to increase the country’s export potential and the Ministry of Foreign Affairs of the Kyrgyz Republic on attracting investment to the country. The meeting participants were presented with the results of the activities of the Public-Private Partnership Center under the National Investment Agency under the President of the Kyrgyz Republic for 5 months of 2024. The National Investment Agency presented measures to attract investment in the Kyrgyz Republic.

In his speech, the IBC head Askar Sydykov noted that the business community is expressing concern about the adopted and considered regulatory legal acts. In recent years, regulations have been adopted (or are being discussed) in Kyrgyzstan aimed at strengthening the role of the state in various sectors of the economy, such as the financial and credit market, insurance, construction, circulation of medicines and ethyl alcohol, as well as the mining industry.

Ten legal acts have been adopted, which seem to partially or completely contradict the principles of a market economy, and at least two draft legal acts that provide for excessive regulation of business are at different stages of consideration in the Parliament.

Based on the results of the analysis of a number of previous legislative initiatives and consideration of appeals from business entities, IBC experts developed an analytical report on state participation in the economy of the Kyrgyz Republic. The IBC head presented the report to the Chairman of the Cabinet of Ministers for consideration and expressed hope that the conclusions set out in the document will be reflected in the development of legislative initiatives in the future.