Kyrgyzstan woos investors in Washington

Kyrgyzstan is specifically looking for capital, partners and international visibility in the USA. At a meeting at the New Lines Institute in Washington, representatives of the Ministry of Economy presented their plans for new investment projects - the focus was on a special economic zone on Lake Issyk-Kul, which is intended to establish the country as a regional innovation hub. The project is called Tamchy Special Investment Area. According to the Kyrgyz government, a new economic area is to be created there on an area of almost 6,000 hectares, attracting companies from sectors such as fintech, logistics and services. Construction of the complex began back in February. The government has high expectations for Tamchy. According to its plans, the zone will compete with regional flagship projects such as the Astana Hub in Kazakhstan and the IT Park in Tashkent - but with a broader economic focus. Unlike pure technology hubs, Tamchy is not only intended to attract start-ups and digital companies, but also to create a diverse investment ecosystem. Like the models in Astana and Tashkent, Tamchy will also be based on a special legal framework based on English common law. Tamchy as a showcase for a new investment strategy For the Kyrgyz leadership, the project is more than just a local development program. It is to become a symbol of a new start in economic policy. Over the next ten years, the government wants to create 10,000 jobs there and turn Tamchy into an engine for innovation, investment and international networking. In Washington, Economy Minister Bakyt Sydykov focused the investment strategy on four areas: manufacturing, energy and hydropower, trade and connectivity, and tourism. At the same time, he formulated an ambitious goal: Kyrgyzstan's per capita GDP is to double by 2030. In view of the growth trajectory to date, the government believes that this target is achievable. GDP per capita is estimated to be around USD 2,500 in 2025, compared to around USD 1,350 in 2021 according to the World Bank. The large-scale Kambarata-1 project continues to play a central role in this strategy, with Sydykov emphasizing that the construction of the hydropower plant is proceeding according to plan. Several multilateral development banks, including the World Bank and the Asian Development Bank, have signaled their interest in financing the project. The estimated costs are around four billion US dollars. Energy, water and tourism as second pillars According to the government, Kambarata-1 is not only of national but also regional importance. Kyrgyzstan is working closely with Kazakhstan and Uzbekistan on the project. Sydykov emphasized that the project should not jeopardize the delicate balance between water management, power generation and agriculture in Central Asia. This issue is particularly sensitive politically and economically in a region with growing demand for resources and an increasing population. The tourism sector also remains a priority for Kyrgyzstan. However, the country is currently experiencing headwinds in this area. According to Sydykov, visitor numbers from the Middle East have recently fallen significantly. This is due to the tense situation in the Persian Gulf and the associated uncertainties for travelers. In the long term, however, Bishkek is sticking to its plans to expand tourism. This includes investments in vacation resorts as well as new winter sports infrastructure with more than 200 kilometers of slopes. The government is counting on Kyrgyzstan being able to make greater economic use of its scenic advantages in the future. In Washington, the country presented itself as a small but ambitious location that is not only seeking attention, but also long-term investment. Whether this strategy works will depend on whether ambitious concepts actually become viable projects. The post Kyrgyzstan attracts investors in Washington appeared first on ostwirtschaft.de.