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Kyrgyzstan, India mulling joint financing mechanisms to boost two-way investment & trade: Kyrgyz Foreign Affairs Minister

Jan 28, 2019

NEW DELHI, 28 January 2109. Kyrgyzstan and India are considering establishment of  joint financing mechanisms to accelerate two-way investment and trade in a range of areas including energy, IT, mining, textiles, education, medical and pharmaceutical sectors.

This was indicated here today by the visiting Kyrgyzstan Foreign Affairs Minister, Mr. Chingiz Aidarbekov, while addressing the  India-Kyrgyzstan Business Forum -From Intentions to Action - Only One Step', organised by FICCI, Government of India and the Kyrgyz Ministry of Foreign Affairs.

Mr. Aiderbekov said that Kyrgyzstan -India relations have risen to a new level. Yet the full potential is yet to be realised for which it was imperative to remove barriers to trade and investment. He said a special department on economic diplomacy had been set in the Kyrgyz Foreign Affairs Ministry and provinces were being encouraged to do the same.

He said there was huge scope for investment from India in Kyrgyzstan's energy sector, especially in hydropower generation. Likewise, there was potential in mining and education, he added.

Mr. Manoj K. Bharti, Additional Secretary, Economic Diplomacy and States, Ministry of External Affairs, spoke of the need for ease of land and aerial connectivity between the two countries for greater people-to-people contact. This could also be facilitated by the screening of Indian films on a commercial basis.

Mr. Shailendra Singh, Additional Secretary, DIPP, Ministry of Commerce and Industry, outlined the reforms undertaken by India by way of liberalising the FDI regime, simplification and rationalisation of rules, introduction of GST, simplification in procuring construction permits and introduction of the Insolvency and Bankruptcy Code.

Mr Sandip Somany, President, FICCI and Vice Chairman & Managing Director, HSIL Ltd., held out FICCI's three-point agenda focussing on enhancing cooperation in energy, education, railways, machinery, mining and metallurgy, IT, tourism and textiles; connecting Indian States with the provinces in Kyrgyzstan and deepening partnership in innovation and technology.

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