Union of Chambers and Commodity Exchanges of Turkey

Türkiye-Kyrgyzstan Business Forum was held

09.02.2024 / Ankara

Türkiye-Kyrgyzstan Business Forum was held in cooperation with the Union of Chambers and Commodity Exchanges of Türkiye (TOBB) and Foreign Economic Relations Board (DEİK) with the participation of Vice President Cevdet Yılmaz, Chairman of the Council of Ministers of the Kyrgyz Republic Akylbek Japarov, TOBB President M. Rifat Hisarcıklıoğlu, Kyrgyzstan CCI President Temir Sariev and DEİK President Nail Olpak.​

The Union of Chambers and Commodity Exchanges of Türkiye (TOBB) President M. Rifat Hisarcıklıoğlu said that the two countries have made progress in economic and commercial relations and that they desire to raise this to higher levels.

Pointing out that Kyrgyzstan has entered a great breakthrough and reform process in recent years, Hisarcıklıoğlu said: “Nearly 500 companies with Turkish capital are operating in Kyrgyzstan in various sectors. These companies provide employment to thousands of Kyrgyz brothers and sisters. Turkish contractors have so far completed 93 projects in Kyrgyzstan with an investment value of around 1 billion dollars. With these projects, our companies have supported the development move undertaken by Kyrgyzstan since its independence. We are proud of the investments of our companies in Kyrgyzstan exceeding 1 billion dollars. I hope that we will undertake much more successful projects in this new period.”

Hisarcıklıoğlu stated that the trade target of 5 billion dollars between the two countries is realistic and he believes that this will be achieved.

Emphasizing that Kyrgyzstan is a friendly and brotherly country, Hisarcıklıoğlu went on: “The scale of your investments in Kyrgyzstan is not only the Kyrgyz market. Investments in Kyrgyzstan mean reaching a much wider region due to the Eurasian Customs Union. This means a market of 180 million people. Kyrgyzstan also neighbors China. The Chinese market should not be ignored. Our medium- and long-term vision should definitely be the establishment of our own customs union within the Organization of Turkic States. Kyrgyzstan is the first country in the Organization of Independent States to become a member of the World Trade Organization. The political map of Eurasia, which has been reshaped in the last 30 years, requires us to act in cooperation.”

Hisarcıklıoğlu stated that they are ready to transfer their experience for the modernization of Kyrgyzstan customs and said, “As TOBB, we have provided significant cost advantages to our exporters by modernizing Türkiye's land customs gates. We are ready to do the same here. There are also serious cooperation opportunities in the field of logistics. Transportation costs should be reduced to increase bilateral trade. Alternative transportation opportunities should be developed for land transportation.”

Pointing out that the revitalization of the Silk Road has regained importance, Hisarcıklıoğlu said, “The Middle Belt is our first choice. In this way, the Caspian, Black Sea and Mediterranean will be connected to each other and our region will be more strongly integrated into the global economy. Another area of cooperation is the generation of electricity from the rich water resources in Kyrgyzstan. Once the necessary investment conditions are established, we can develop joint projects to bring Kyrgyzstan's hydroelectric potential into the economy. We express that we are ready to do our part as the business world at every opportunity.”

- Vice President Yılmaz

In his speech, Vice President Cevdet Yılmaz thanked Kyrgyzstan, the Kyrgyz people and business people who rushed to help during the February 6 earthquakes and said that this solidarity will always remain in the memory of the Turkish nation.

Explaining that Kyrgyzstan's national income exceeded 12 billion dollars in 2023 and that it has grown by an average of 7 percent in the last three years, Yılmaz emphasized that Türkiye will provide all the support it can in the realization of Kyrgyzstan's National Development Strategy for 2018-2040.

“As Türkiye, we will continue to provide all manner of support to Kyrgyzstan, a friendly and brotherly country on every platform.” Yılmaz said that the trade volume between the two countries exceeded one billion dollars in 2022, increased by 42 percent to 1.6 billion dollars in 2023, the target of 2 billion dollars can be reached this year and 5 billion dollars is targeted in the medium-term.

Yılmaz pointed out that there are many opportunities for Kyrgyz business people in Türkiye, especially in the fields of renewable energy, agricultural technologies, defense industry and tourism, and went on: “Increasing mutual investments will make a great contribution to the development of our trade. Serious investments need to be made in transportation infrastructure in brotherly Kyrgyzstan. Similarly, there are investment opportunities in a wide range of fields such as telecommunications, hydroelectricity, micro-carbon industry, minerals, metal and precious stone mining, textile, food processing, agricultural products, packaging industry and tourism. We recommend and wish you, our esteemed Turkish and Kyrgyz business people, to take bold steps and cooperate more in these areas and develop partnerships”.

Following the speeches, 9 memorandums of understanding were signed between Türkiye and Kyrgyzstan business world regarding cooperation in various fields.

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