SAUDI ARABIA

Saudi-Kyrgyz Business Forum highlight investment opportunities is both countries

February 27, 2022

RIYADH — The Federation of Saudi Chambers (FSC) at his headquarters here Sunday held the Saudi-Kyrgyz business forum as part of the wise leadership’s directives to develop relations between Saudi Arabia and the Kyrgyz Republic.

The forum was held in the presence of First Deputy Prime Minister of Kyrgyzstan Arzybek Kozhoshev, Deputy Minister of Environment, Water and Agriculture Mansour Al-Mushaiti, FSC Board Member and Chairman of Jeddah Chamber Mohammed Yousuf Naghi, Saudi Ambassador Ibrahim Al-Radi, Kyrgyz Ambassador Ulukbek Maripov and several businesspeople from both sides.

At the beginning of the meeting, Kozhoshev commended the Kyrgyz-Saudi relations, where this year marks the 30th anniversary of establishing diplomatic ties, and Saudi Arabia’s support to implement infrastructure projects in Kyrgyzstan.

He referred to the impacts of the novel coronavirus (COVID-19) pandemic on the economic relations between the two countries, and stressed that providing an investment climate that attracts foreign investors, including Saudi partners, and boosting mutual commerce, constitute a main priority for the economic policy in Kyrgyzstan.

He also noted that 50 Kyrgyz companies from various sectors are participating in this forum with a strong will to establish and develop ties with their Saudi counterpart companies, stressing that Kyrgyzstan is interested in attracting major Saudi companies into several projects in the agricultural, renewable energy, science, education, tourism, telecommunications, culture and halal industries fields.

He called on Saudi partners to effectively participate in establishing effective commercial partnerships among entrepreneurs, expanding commercial and investment cooperation, and establishing a joint business council between the chambers of commerce and industry in the two countries so as to become a platform for communication among both countries’ private companies and provide proper circumstance for their interaction and enhance joint ventures.

Kozhoshev also referred to his country’s economic capabilities, mainly in the tourism sector, where Saudi nationals can visit Kyrgyzstan without a prior visa for a period of up to 60 days, noting that around 7,000 Saudis visited his country in 2019, where the tourism sector can form a basic driver for Kyrgyz-Saudi investment cooperation.

For his part, Naghi said that the meeting is held under both countries’ plans to expand economic cooperation aspects and explore investment and commercial opportunities available for the two business sectors, and to increase the commercial exchange volume that dropped from SR12 million in 2019 to SR4 million in 2020.

He also referred to the role of the private sector in the Saudi Vision 2030 and the sectors that will provide opportunities for foreign investors in the Kingdom of Saudi Arabia, mainly in the sectors of renewable energy, industry, agriculture, tourism, healthcare, transport, logistic services, and information and telecommunication technology.

He also called for intensifying the exchange of commercial delegations and information on investment opportunities and investment systems, and encouraging both sides to hold exhibitions and forums, expecting the coming period to witness a bigger activity in economic relations between the two countries.

Meanwhile, the Investment Promotion and Protection Agency of the Kyrgyz Republic provided a presentation on joint projects between the public and private sectors that are currently being developed in Kyrgyzstan, calling on Saudi businesspeople to join these 21 projects in the fields of logistics, tourism, sports, culture, roads, healthcare, education and transport.

The agency also reviewed the investment capabilities and environment in Kyrgyzstan, including its five free economic zones that are characterized by low rates of renting lands, exemptions on customs fees and taxes, and easy procedures for customs clearance, where the industry, energy, tourism, agriculture, minerals, and ICT form priority sectors.

As for practicing commercial businesses, the presentation showed that value added tax stands at 12%, income and profit tax stands at 10%, where the power cost stands at $0.03 per kilowatt, while commercial businesses are registered within three workdays.

The forum also witnessed the signing of several agreements and memorandums of understanding between Saudi and Kyrgyz public and private institutions in a bid to enhance commercial and investment partnerships in several important economic sectors.

Earlier, Kozhoshev and his accompanying delegation arrived in Riyadh and were received by Deputy Minister Al-Mushaiti. The visit comes within the framework of consolidating relations, enhancing joint cooperation between the two countries.

Kozhoshev and his accompanying delegation were briefed on the Kyrgyz exhibition, which the ministry is currently organizing in the Digital City in Riyadh, emanating from its chairmanship of the Saudi side in the Saudi-Kyrgyz Joint Committee.

The Minister of Environment, Water and Agriculture, Eng. Abdulrahman Al-Fadhli, inaugurated last Thursday the Kyrgyz exhibition in the presence of the Kyrgyz Minister of Culture, Information, Sports and Youth Azamat Zhamankulov. — SPA


February 27, 2022
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