Kyrgyzstan plans to launch 100 large-scale industrial projects in 2024 - PM

BISHKEK. July 10 (Interfax) - Kyrgyzstan is planning to launch 100 major industrial projects this year, Kyrgyz Prime Minister Akylbek Japarov said on Tuesday.

"New production facilities and infrastructure for a broad range of products are being put into operation. A new tax legislation system has been established and is successfully operating, easing the tax burden for entrepreneurs. Projects of national or investment significance are granted fiscal incentives and state support," Japarov said at a session of the Innoprom international industrial exhibition in Yekaterinburg.

"Thanks to these measures, the inflow of foreign direct investment in Kyrgyzstan is rising year after year. Every investor can take advantage of all existing opportunities and actively invest," he said.

A hundred large-scale projects in the industry are planned for launch this year, Japarov said. He also noted that Kyrgyzstan's economic growth is seeing sustainable development. The average GDP growth rate stood at around 7% and reached 8.8% at the end of the first quarter of this year.

"For the first time in recent years, the government has begun to apply the tools of direct financing of major and systemically significant production projects. Over 100 raw material products are concentrated in the country, which makes it possible to launch enterprises with a high level of localization of manufactured produce," Japarov said.

"For example, the forecast reserves of titanomagnetite at one deposit are around 20 million tonnes, while rare earth metal reserves total around 60,000 tonnes at the Kuttesay II deposit. We are actively planning the development of technological and industrial parks this year," Japarov said.

"Our country has confidently embarked on the path of advanced industrial development over the past few years, revitalizing the industrial sector and rehabilitating industrial enterprises," he added.