BISHKEK– Akylbek Japarov, Chairman of the Cabinet of Ministers and Head of the Administration of the President of the Kyrgyz Republic, delivered a significant address at the 10th mining and geological forum, “MINEX Central Asia.” His remarks underscored Kyrgyzstan’s status as a dependable economic partner and highlighted the country’s abundant mineral resources.
The Prime Minister highlighted that 95% of Kyrgyzstan’s territory consists of mountains, which harbor abundant minerals. These resources include not only gold and coal but also iron—over 5 billion tons of ore in a single section of a deposit—as well as titanium and rare earth metals. The latter, including elements like europium, zirconium, cesium, and the lanthanide group, are currently in high demand.
For instance, in the Kyzyl-Ompol area, estimated reserves of titanomagnetite reach approximately 20 million tons. Another deposit, Kutessay-2, holds rare earth metal reserves exceeding 60,000 tons across more than 21 elements. These figures were recorded over 50 years ago, and leading geologists and scientists believe that with advanced geological exploration techniques, these estimates could significantly increase. We invite partners to participate in joint geological exploration efforts and eagerly await investors in this promising mining sector.
Addressing forum attendees, Akylbek Japarov emphasized the overall situation in the country, encompassing political, economic, and social developments. These factors ultimately shape investment attractiveness and activity. Notably, Kyrgyzstan has achieved political stability through economic improvements, including a substantial reduction in the shadow economy, increased tax revenues, higher wages for educators, healthcare professionals, and cultural workers, and targeted efforts to combat corruption and crime. As a result, 82% of the population supports the leadership’s course, led by President Sadyr Zhaparov.
This information was not disclosed by us, but rather by the International Republican Institute (IRI). People are witnessing and experiencing improvements across all sectors. We can assert that after three revolutions, the country has shifted its focus towards the economy and creative endeavors,” he stated.
The Prime Minister also highlighted significant positive changes in the country’s economy. “As a result, we can confidently characterize the Kyrgyz Republic as a dependable economic partner capable of fulfilling all its financial commitments.”
In recent years, Kyrgyzstan’s economic growth has demonstrated remarkable sustainability, with an average GDP growth rate of 7%. This growth spans all sectors, with particularly robust investment activity and record growth rates in the construction industry. For instance, during the first quarter of 2024, investment in fixed capital surged by 66.6%, and gross construction output increased by 53.8%. In 2023, a historic milestone was achieved—the country’s GDP exceeded 1 trillion 229 billion soms (approximately 14 billion US dollars), significantly surpassing previous years.
Per capita GDP nearly reached $2,000, compared to just $1,230 in 2020. Thanks to prudent monetary policies, inflation decreased from 14.7% in 2022 to 7.3% in 2023. As of May 2024, the annual inflation rate stood at 4.4%. Fiscal reforms have also led to the doubling of the consolidated state budget over the past three years.
“Recently, the credit rating agency Moody’s revised the country’s credit rating outlook from negative to stable and reaffirmed long-term issuer ratings in both local and foreign currencies at B3. These facts, as I mentioned earlier, underscore the state’s reliability as a partner capable of fulfilling its financial obligations promptly and completely,” he emphasized.The Head of the Cabinet of Ministers also acknowledged the recent signing of a construction-related document with neighboring states.
