In the capital of Kyrgyzstan, Bishkek, a business forum dedicated to Central Asian Regional Economic Cooperation (CAREC) has started.
The Minister of Economy and Commerce, Bakyt Sydykov, discussed the key directions of the National Development Program planned until 2030 in his speech.
Today, November 19, is the second day of the forum, which focuses on the development of the potential of the Kyrgyz Republic.
Bakyt Sydykov, acting as the moderator and main speaker, presented the participants of the forum with data on the current indicators of the country's economy and outlined the important goals of the National Development Program until 2030.
He noted that thanks to effective investment policies and the implementation of large projects, Kyrgyzstan's economy is demonstrating positive growth trends.
“Over the past three years, we have observed an average economic growth of about 9% annually. GDP increased from 1,020.7 billion soms in 2022 to 1,523.2 billion soms in 2024. All sectors of the economy showed positive dynamics: industry grew by 7%, agriculture by 5%, construction by 16%, and the service sector by 8%. This growth was largely ensured by attracting investments, totaling about 23 billion dollars, including 3.7 billion dollars in foreign direct investment. We have also consistently improved the business climate by eliminating excessive barriers and ensuring the protection of investors' rights,” emphasized the minister.
Then Sydykov presented the strategic document – the National Development Program of Kyrgyzstan until 2030.
“We plan to ensure sustainable GDP growth of at least 8% per year, which will allow us to reach an economic volume of at least 30 billion US dollars and increase GDP per capita to 4,500 dollars. Our key priorities include the development of human capital, improving the quality and accessibility of education and healthcare, supporting small and medium-sized businesses, attracting investments, and reducing the unemployment rate to 5%,” he added.
Among the main factors contributing to economic growth, the minister highlighted four key areas: industrialization, agricultural and tourism development, the creation of a regional hub, and the development of green energy.
“To achieve these goals, it is necessary to unite the efforts of all segments of society: the state, business, citizens, and international partners. We aim to double the volume of industrial production and increase the share of investments in fixed capital to 50%. The development of sectors such as machine engineering, pharmaceuticals, textile production, and building materials production, as well as the introduction of modern technologies, is planned. This will enhance export potential and create new jobs,” concluded Bakyt Sydykov.
