Home Business framework Saudi-Kyrgyz Business Forum highlights investment opportunities in both countries

Saudi-Kyrgyz Business Forum highlights investment opportunities in both countries

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Riyadh — The Federation of Saudi Chambers (FSC) at its headquarters here held the Saudi-Kyrgyz Business Forum on Sunday as part of the directives of the wise leadership aimed at developing relations between Saudi Arabia and the Kyrgyz Republic.

The forum was attended by Kyrgyzstan’s First Deputy Prime Minister Arzybek Kozhoshev, Deputy Minister of Environment, Water and Agriculture Mansour Al-Mushaiti, FSC Board Member and Speaker of the Jeddah Chamber Mohammed Yousuf Naghi, Saudi Ambassador Ibrahim Al-Radi, Kyrgyz Ambassador Ulukbek Maripov and several businessmen from both sides.

At the start of the meeting, Kozhoshev praised Kyrgyz-Saudi relations, where this year marks the 30th anniversary of the establishment of diplomatic relations, and Saudi Arabia’s support for the implementation of infrastructure projects in Kyrgyzstan. .

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

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

He called on Saudi partners to participate effectively in building effective business partnerships among entrepreneurs, expanding trade and investment cooperation, and establishing a joint business council among chambers of commerce. and industry of the two countries in order to become a communication platform between the two countries. ‘ private enterprises and provide appropriate circumstances for their interaction and strengthen joint ventures.

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

For his part, Naghi said the meeting is being held within the framework of the two countries’ plans to expand aspects of economic cooperation and explore investment and trade opportunities available for the two business sectors, and to increase the volume of trade from SR 12 million in 2019 to SR 4. million in 2020.

He also discussed the role of the private sector in 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, health, transport, logistics services and information and telecommunications technologies.

He also called for stepping up the exchange of business delegations and information on investment opportunities and investment systems, and encouraging the two sides to hold exhibitions and forums, expecting the coming period sees greater activity in economic relations between the two countries.

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

The agency also reviewed Kyrgyzstan’s investment capacity and environment, including its five free economic zones which are characterized by low land rental rates, duty and tax exemptions, and easy customs clearance, where industry, energy, tourism, agriculture, minerals and ICT are priority sectors.

For incumbent commercial enterprises, the presentation showed that value added tax is 12%, income and profit tax is 10%, where the cost of electricity is rises to $0.03 per kilowatt, while commercial enterprises are registered within three working days.

The forum also saw the signing of several agreements and MoUs between Saudi and Kyrgyz public and private institutions with the aim of enhancing trade 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. This visit is part of the consolidation of relations, the strengthening of 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 of Riyadh, emanating from its chairmanship of the Saudi side in the joint Saudi-Kyrgyz committee.

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