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Pres. Almazbek says Kyrgyzstan eyes Kuwaiti investments

KUWAIT, Dec 13 (KUNA) -- Visiting Kyrgyz President Almazbek Atambayev invited Sunday Kuwaiti investors to visit his country to explore the major investment opportunities there.
Addressing the first meeting of the Kuwaiti-Kyrgyz investment forum, Atambayev said that his country has promising economic resources in several domains like mineral wealth, agriculture, tourism, transport and electricity.
He added that several opportunities are provided to all foreign investors seeking to benefit from the country's continued economic development.
Russia and China have the largest investments in Kyrgyzstan, he said, urging all Arab countries, mainly Kuwait, to benefit from Kyrgyzstan's available opportunities and its developed investment atmosphere.
He noted that Kyrgyzstan could multiply the size of foreign investments within four years, thanks to the stability of trade atmosphere and keenness of government on meeting the needs of foreign investors.
Kyrgyzstan has tremendous mineral resources, mainly gold, silver and coal, and there are investments worth USD 100 million in one mine over the last few years, he made clear.
He said the country's investment laws guarantee the protection of foreign investors and help businessmen start their projects without facing hindrances or problems.
Atambayev looks forward to promoting economic relations with the Arab countries, mainly the State of Kuwait.
He said that the political reforms, adoption of the parliamentary system, and the development of the country's institutions have contributed largely to changing Kyrgyzstan's economic map compared with situation in the country 25 years ago.
As for agriculture, Atambayev revealed that his country produces many kinds of fruit and vegetables, thanks to rivers and natural water sources which generate electricity.
On his part, Deputy Chairman of Kuwait Chamber of Commerce and Industry (KCCI) Abdulwahab Al-Wazan said that the Kuwait's business people welcome Atambayev's visit and desire to explore investment and commercial opportunities there.
The size of trade exchange between the two countries stands at USD 500,000 annually, which is below expectations, he said, adding there is still a chance to increase this figure.
There are new horizons of investment, commercial and tourist cooperation with Kyrgyzstan, he said, noting hopes are pinned on this visit to promote collaboration in all fields.
Al-Wazzan stressed keenness of the governments on bolstering commercial and economic relations, indicating that the Kuwaiti investors have a great deal of experience in terms of investment in friendly countries.
During the forum, a memorandum of understanding (MoU) was signed between Kuwait Chamber of Commerce and Industry and the Chamber of Commerce and Industry of the Kyrgyz Republic on means of boosting bilateral cooperation, and promoting commercial and economic relations.
Earlier today, an agreement was signed to avoid double taxation and evasion of income and capital taxes, and another one was inked for encouragement and mutual protection of investments, and a third one for economic and technical cooperation. (Pick up previous) smr.hm