Abu Dhabi: The UAE and Kyrgyz Republic are expected to sign a slew of agreements in the coming days as Almazbek Atambayev, the president of Kyrgyz Republic, starts his UAE visit on Thursday. During his visit, he will hold talks with the top leaders of the country to strengthen economic cooperation and boost trade ties. This will be the first official visit of the head of the state of Kyrgyz Republic to the UAE.
The two countries are expected to sign agreements on double taxation, to protect investments, to enhance economic cooperation and in the areas of legal assistance including civil, criminal and extradition, Kuban Omuraliev, consul general of Kyrgyz Republic, told Gulf News in an interview.
Kyrgyz Republic will also announce the opening of an embassy in Abu Dhabi in January.
A Memorandum of Understanding (MoU) with the ministry of interior will also be signed and a joint committee will be set up between both the countries, as part of the president’s visit.
Describing the visit as “significant”, Omuraliev said: “It will start a new page in our relations. We are expecting investments from the UAE to increase in infrastructure, financing, mining, hydroelectric and food processing industries.” The consul general further said that Kyrgyz Republic is politically and economically stable and offers ideal climate for investments. “There are free economic zones and visa-free regime for 61 countries. The country has low electricity costs, low wages and low taxation policy,” he pointed out.
He added that country provides equal conditions for foreign and local companies. “There is wide protection of foreign investors’ rights by law on investments of the Kyrgyz Republic. Access to all sectors of economy is given. There is a guarantee of protection and compensation of losses to the investors.”
UAE companies are already doing business with Kyrgyz Republic across sectors. Abu Dhabi Development Fund is involved in road development projects in Kyrgyz Republic with an investment of $12 million. And budget carrier flydubai operates five weekly flights to Kyrgyz capital Bishkek from Dubai. The country also cleared Sharjah-based Air Arabia to operate but it is yet to start flights to Kyrgyz Republic. There are also other private investors from the UAE in Kyrgyz Republic, such as National Paints.
Food industry is developing and has a lot of potential for growth, said Omuraliev. “Kyrgyz has 85 per cent Muslim population and there is an opportunity for investment in the halal food industry.”
Another sector, which the country is putting emphasis on, is tourism. Every year more than three million people visit the country, known for its picturesque lakes, mountains and watersports facilities.
A former country of the Soviet bloc, Kyrgyz Republic, also known as Kyrgyzstan, became independent in 1991 with the collapse of the Soviet Union. Boasting a population of 5.8 million, the country is planning to join Eurasian Economic Union alongside Armenia, Belarus, Kazakhstan and Russia to strengthen economic ties.
Visiting Gulf countries, Atambayev will arrive in the UAE after concluding his visit to Saudi Arabia, and then will move onwards to Qatar. He has been the president of the country since 2011.
