On October 3, 2024, the third meeting of the Kyrgyz-British Business Council was held in Bishkek, where the possibility of applying English law and the development of the critical minerals industry in Kyrgyzstan were discussed.

To more effectively coordinate cooperation between business circles of Kyrgyzstan and foreign countries, bilateral councils with business circles of the main countries – trade partners of Kyrgyzstan operate on a permanent basis.

“In a short time, the Kyrgyz-British Business Council has become an important dialogue platform for interaction between businesses and government agencies of Kyrgyzstan and Great Britain,” said Askar Sydykov, co-Chairman of the Kyrgyz-British Business Council, Executive Director of the International Business Council.

Such cooperation yields positive results. Bilateral trade between our countries is growing steadily. In the first quarter of this year, growth was 23.7%, or an increase of 14 million pounds sterling.

The meeting of the Council was attended by the Chairman of the NBKR Melis Turgunbaev, First Deputy Minister of Justice Zarema Askarova, Deputy Minister of Finance Ruslan Tatikov, Deputy Director of the National Investment Agency under the President of the Kyrgyz Republic Jalyn Jeenaliev, Director of the Kyrgyz Geological Service of the Ministry of Natural Resources, Ecology and Technical Supervision - Deputy Minister of Natural Resources, Ecology and Technical Supervision of the Kyrgyz Republic Narynbek Satybaldiev, representatives of the Ministry of Foreign Affairs, the Ministry of Energy, the Ministry of Digital Development, the Social Fund and other relevant government agencies.

The private sector was also widely represented at the meeting, with more than 40 representatives of the business community taking part, including top managers of large companies.

According to the First Deputy Minister of Justice Zarema Askarova, many investors are coming to Kyrgyzstan now, and the application of English law is becoming increasingly important. The issue of opening an International Center for the Application of English Law is on the table, and the platform of the Kyrgyz-British Business Council will play an important role in the creation of this institution.

“Currently, the Kyrgyzstan’s economy is growing and more investments are coming into the country. Thanks to the implementation of reforms, including tax and customs benefits, significant shifts have occurred over the past three years. 15 investment projects are already being implemented, and another 10 projects are being developed,” said Deputy Director of the National Investment Agency under the President of the Kyrgyz Republic Jalyn Jeenaliev.

With the adoption of the law on public-private partnership in 2021, the number of PPP projects increased from 3 to 68 with a total value of more than $1 billion. As part of the protection of the rights of entrepreneurs, mediation measures (pre-trial dispute resolution) are carried out.

Director of the Kyrgyz Geological Service of the Ministry of Natural Resources, Ecology and Technical Supervision - Deputy Minister of Natural Resources, Ecology and Technical Supervision of the Kyrgyz Republic Narynbek Satybaldiev informed that with the transition to a green economy, a new term has emerged – critical materials (CM). These are minerals that are of critical importance in strategically important sectors of the country's economy. They are the basis for modern technologies, from smartphones to electric vehicles and renewable energy sources.

According to research by renowned geologists, there are more than 5,000 deposits in Kyrgyzstan. The Natural Resources Ministry plans to compile its own list of critical materials, as demand for them is growing.

According to Nicholas Bowler, the British Ambassador to Kyrgyzstan, the visit of the British Foreign Secretary David Cameron to Kyrgyzstan in April this year gave a new impetus to the development of relations between the two countries. The MINEX Central Asia Forum, which was successfully held in June this year in Bishkek, also served to attract investments. The Ambassador also emphasized the importance of green development, which requires additional investments, and the Kyrgyz-British Business Council can become a platform for attracting them.

Britain is interested in cooperation with Kyrgyzstan in the mining industry, agriculture, consulting, finance, information technology, education, tourism and other areas of the economy.

Ambassador of the Kyrgyz Republic to the United Kingdom Ulan Dzhusupov (online) noted Kyrgyzstan's potential for entering the London Stock Exchange (LSE), as well as the possibility of cooperation in subsoil use, energy sectors, agriculture and livestock farming, light industry (access to international markets), and IT technologies.

Benjamin Wells, Partner at Belgravia Law, spoke about the possibility of applying English law in Kyrgyzstan and about the potential benefits of integrating English legal principles. This includes attracting foreign investment, increasing investor confidence, and improving dispute resolution mechanisms. Benjamin Wells invited local lawyers to visit Belgravia Law's UK office to see how the system works, exchange experiences and organize mutual visits.

A representative of the regional office of Boston Consulting Group (BCG) spoke about the development of the Critical minerals strategy in Kyrgyzstan. The starting point for the creation of the Strategy was the Decree of the President of the Kyrgyz Republic dated January 22, 2024 "On the implementation of the National Project for the extraction of polymetals and rare earth elements for the dynamic development of the economy of the Kyrgyz Republic."

Modern technology relies heavily on secure access to critical minerals. The world's leading economies increasingly need them for green technology, electric vehicles, wind turbines, solar panels, electronics (smartphones and computers), aerospace, and defense.

Meanwhile, global supply chains for many critical minerals are at risk due to the high concentration of stockpiles worldwide. Given the growing importance of CM and the associated global supply risks, several countries have created their own CM lists.

After conducting a thorough analysis of nine national strategies, reports and CM lists, BCG experts concluded that Kyrgyzstan has a strategic opportunity to position itself as a reliable CM supplier in the global market by strengthening its economy and international partnerships.

These presentations were followed by an open session on issues that the Council might bring to the attention of the Governments of Kyrgyzstan and the United Kingdom.

The founder of Integra Engineering Group LLC, Jodar Saidilkan, reported that a joint pilot project has been launched with United Concrete Canvas to build a concrete canvas production plant. An investment agreement is currently being developed. The entrepreneur proposed using additional instruments for financing investment projects and bilateral trade, such as trade finance (UK Export Finance).

Concluding the meeting, Askar Sydykov said that IBC will continue to help domestic entrepreneurs enter foreign markets, attract investment and implement joint projects.

The first meeting of the Kyrgyz-British Business Council was held on November 28, 2023 at the headquarters of the European Bank for Reconstruction and Development (EBRD) in London. The meeting was attended by such distinguished guests as the Chairman of the Cabinet of Ministers of the Kyrgyz Republic Akylbek Japarov, UK Minister of State for Industry and Economic Security at the Department of Business & Trade Nusrat Ghani, as well as EBRD representatives. The second meeting of the Kyrgyz-British Business Council was held on April 25, 2024 in Bishkek.