Russians Have Started Buying More Kyrgyz Goods

In six months, exports of goods from Kyrgyzstan to Russia increased by 40%, while imports from Russia grew by 10%

The economy of Kyrgyzstan is not experiencing significant upheavals during the adaptation to the norms and requirements of the Eurasian Economic Union. This was stated by the temporary chargé d'affaires of Russia in Kyrgyzstan, Vadim Chekmazov, speaking at the Kyrgyz-Russian business forum in Bishkek.

“Russia is trying to support its strategic partner and ally, helping to overcome the transitional period of integrating our markets as smoothly as possible,” he emphasized.

As an example of such assistance, the diplomat cited the activities of the Russian-Kyrgyz Development Fund (RKDF).

“The RKDF has already allocated hundreds of millions of dollars to Kyrgyz entrepreneurs in the form of loans. These are aimed at developing the food industry and transport logistics, in the agro-industrial complex, and in construction. As a result, productivity and exports are increasing,” the temporary chargé d'affaires clarified.

Speaking about the increase in exports, Vadim Chekmazov noted that supplies of products from Kyrgyzstan to Russia in the first half of 2018 grew by more than 40%.

“At the same time, imports of Russian goods to Kyrgyzstan are growing much more slowly — by 10% from January to June of this year. This is encouraging, as the figures indicate that the Kyrgyz economy is stabilizing.”

In January to June 2018, Kyrgyzstan's foreign trade turnover reached $3 billion 249.9 million (over 223 billion rubles). With the countries participating in the Eurasian Economic Union, the republic traded $1 billion 116.4 million (over 76.6 billion rubles) during this period, including with Russia — more than $737.9 million (over 50.6 billion rubles).

It should be noted that as of August 1, 2018, the Russian-Kyrgyz Development Fund approved the allocation of 1,451 concessional loans to Kyrgyz entrepreneurs totaling $280 million (over 19.2 billion rubles). The fund provides loans at a rate starting from 4% per annum.