Turnover between Kyrgyzstan and USA amounted to $ 154 mln in 2016

Bishkek, July 11 / Kabar /. The commodity turnover between Kyrgyzstan and the USA for 2016 amounted to $ 154 million and increased by $ 31 million compared to 2015, Deputy Economy Minister Eldar Abakirov said today at the Kyrgyzstan-US business forum in Bishkek. The press service of the Ministry of Economy of Kyrgyzstan reports that, forum broght together chairman of the Kyrgyz-American Business Council (USKGBC) and Baker & McKenzie partner Thomas Firestone, chief of the Kyrgyz President’s Office Sapar Isakov, US Ambassador to the Kyrgyz Republic Sheila Gwaltney, executive director of the American Chamber of Commerce in the Kyrgyz Republic Zarina Chekirbaeva, representatives of major American companies, Kyrgyz state bodies, international organizations and the business community. Abakirov said that the Ministry of Economy of the Kyrgyz Republic attaches great importance to today's event and hopes that the forum will serve as an effective platform for the exchange of views on further promoting economic cooperation between the Kyrgyz Republic and the United States and will also provide an opportunity to discuss prospects for establishing mutually beneficial business contacts between business circles of the two countries. Speaking about trade and economic cooperation, the deputy minister said that for 3 months of 2017, the amount of FDI inflows from the USA amounted to almost $13 million, which is more than 10 times more than the same period in 2016. The most important economic activities for investments from the United States over the past three years were financial services (67.3%), transport and communications (23.6%), and hotel and restaurant activities (5.9%). The bilateral trade turnover for 2016 amounted to $ 154 million and increased by $ 31 million compared to 2015 (123.1 million dollars), which clearly illustrates the positive dynamics of economic cooperation between the two countries. Taking into account the goals of this forum, the deputy minister informed about the work being done to improve the country's investment policy, the formation of a favorable business environment and the improvement of the process of attracting foreign investments. Kyrgyzstan has a favorable investment climate, therefore the work on creating the best business climate in the region is actively promoted. Abakirov also noted that the reforms carried out by the Government will help increase the business potential, and also activate the positions of business circles of the two countries. Therefore, it is important to create favorable conditions for working in the line of business associations and close coordination of their activities. The forum is organized by the State Agency for the Promotion of Investments and Exports under the Ministry of Economy of the Kyrgyz Republic and the US-Kyrgyz Business Council (USKGZBC) in conjunction with the American Chamber of Commerce in the Kyrgyz Republic (AmCham). Within the framework of the forum, information will be provided on the conditions and opportunities for cooperation with US companies. A B2B meeting with Kyrgyz partners is also planned. The purpose of the visit of the first major delegation of US businessmen to Bishkek from 10 to 12 July this year is to study of trade, economic and investment opportunities of the country. The American delegation includes representatives of the companies AGCO, Baker & McKenzie and General Electric, founders of the US-Kyrgyz Business Council (USKGZBC), as well as representatives of companies such as: AES, Mobilized Construction, American Councils for International Education, Coca-Cola And others representing different sectors of the US economy.