Latest World News

Dubai inspires Kyrgyzstan to turn challenges into opportunities


v + T – normal size

Officials from Kyrgyzstan confirmed that their country is inspired by Dubai’s development experience, transforming challenges into opportunities, and looks forward to benefiting from the successes achieved by Dubai in transforming into an international trade, investment, and investment hub, as well as mechanisms to support the private sector and attract foreign direct investment.

In statements to Al-Bayan on the sidelines of the business forum in Bishkek organized by Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, as part of the activities of its trade mission to Kyrgyzstan and Central Asian countries, officials emphasized that the Dubai model is in enhancing foreign investor confidence and transforming challenges into Promising opportunities are a source of inspiration for Kyrgyzstan to learn from Dubai’s distinguished economic experiences, and they praised the role and efforts of the Dubai Chambers to support the expansion of the private sector to foreign markets, including Kyrgyzstan.

Total confidence

Abdul Latif Jumabayev, Ambassador of Kyrgyzstan to the UAE, said that Dubai Chambers has a strong and successful experience in supporting the private sector, stressing that Dubai has become a global investment and trade center, and pointed to the existence of multiple aspects of cooperation between Kyrgyzstan and Dubai and UAE companies in general, including the exchange of experiences and knowledge so that Kyrgyzstan benefits from Dubai’s development experience, especially in attracting foreign investment and giving confidence to the international investment community in the opportunities and prospects of the local economy. By strengthening bilateral cooperation, stressing his full confidence in the importance of learning from Dubai’s successful experiences, pointing out that Dubai was for Kyrgyzstan during the period of global closure at the height of the pandemic the only window to the world.

Djumabayev pointed out that the relations between Kyrgyzstan and the UAE witnessed rapid growth in light of the interest of the governments of the two countries in supporting and developing bilateral ties, especially in the economic field, which was reflected in the increase in trade exchange between the two countries in recent years, and he explained that Kyrgyzstan is distinguished by promising capabilities in exporting food, especially meat, vegetables and fruits. Fresh and dried, especially since the largest natural walnut forest is found in the south of Kyrgyzstan.

He pointed out that Emirati tourism companies are operating in Kyrgyzstan in light of the increasing tourist demand from the Emirates, with daily flights with Dubai and Sharjah, as well as the launch of direct flights with Abu Dhabi next June via Wizz Air, and there are Emirati investments in the hospitality sector in Kyrgyzstan.

successful experience

For his part, Timirbek Erkenov, Advisor to the Prime Minister of Kyrgyzstan, confirmed that his country is looking forward to learning from the Dubai model in developing business sectors and its successful experience in transforming into an international center for trade and investment.

He explained that the visit of the trade mission organized by the Dubai International Chamber to Bishkek contributes to building promising relations and partnerships between Dubai companies and their counterparts in Kyrgyzstan and expanding inter-business opportunities in various sectors. The pace of economic development and the growth of various sectors in Kyrgyzstan in general. Erkinov pointed out that Kyrgyzstan is a member of the Eurasian Economic Union Committee, and thus allows Emirati companies to export their products to the rest of the union without customs barriers to five other countries, including Russia, and taxes in Kyrgyzstan are the lowest at the level of Central Asian countries, where the value-added tax rate is 12% with no corporate taxes.

He pointed out that in December of last year, the Abu Dhabi Ports Group signed two agreements with the Kyrgyz government to support trade and strengthen trade ties with the Central Asian country. The first agreement provides for the launch of negotiations between the Kyrgyz Ministry of Economy and Trade and the Abu Dhabi Ports Group to provide a plot of land of 300,000 square meters in the Khalifa Economic Zones Abu Dhabi (Kizad) for the development and operation of a logistics center and a customs area. The project will be implemented in the Kizad Free Zone, and will contribute to facilitating the import and export of goods to and from the Kyrgyz Republic.

The second agreement states that Maqta Gateway, which is affiliated with the digital sector in the Abu Dhabi Ports Group, will prepare a strategy for the Kyrgyz Ministry of Finance aimed at developing a solution for border and customs management, building infrastructure, and establishing a unified national digital window, in addition to a set of digital services that contribute to enhancing the process of development in Kyrgyzstan. Erkinov explained that Kyrgyzstan’s most important imports from the UAE include electronics, food products, and building materials, pointing out that his country is looking forward to benefiting from the UAE’s expertise in the financial and banking sector, as well as information technologies.

promising sectors

For his part, Temir Sariyev, Chairman of the Chamber of Commerce and Industry of the Kyrgyz Republic, explained that his country has strong relations with the UAE, as the number of businessmen and merchants from Kyrgyzstan who invest and work in Dubai has doubled, and he expressed his country’s desire to attract investors from the UAE to a group of promising sectors, foremost of which is the sector. Tourism in light of the country’s rich culture and stunning natural destinations, in addition to the energy sector and the mining sector, including gold and zinc.