Kyrgyzstan seeks more direct investment to develop provinces
ISSYK-KUL, Kyrgyzstan -- Kyrgyzstan is expecting to receive $300 million (20.5 billion KGS) in direct investment annually by 2023 to help develop the nation's provinces, said Prime Minister Muhammedkaly Abylgaziyev, as quoted by 24.kg Monday (July 9).
Abylgaziyev made his remarks during a two-day working visit of the cabinet to Issyk-Kul Province.
"Direct investments should become the main resource in developing the [provinces]," he said.
"Investments will be separated from [Bishkek] and sent depending on the characteristics of the [provinces] and their social and economic status," Abylgaziyev said.
Negotiations are under way with the World Bank to provide Jalal-Abad, Osh and Issyk-Kul with financial assistance, according to Abylgaziyev.
"As of now, we need to distribute production capacities in the [provinces] taking into account the raw materials available there," he said. "We need to work closely with the private sector. Small and medium-sized businesses comprise 40% of the GDP. We must increase this figure to 50% by 2023."