BISHKEK, Kyrgyzstan, July 11. Kyrgyzstan and Russia intend to increase trade turnover to $5 billion, said Akylbek Japarov, Chairman of the Cabinet of Ministers and the Head of Kyrgyzstan's Presidential Administration, Trend reports.
He made the remark during a speech at the plenary meeting of the 25th Kyrgyz-Russian Intergovernmental Commission and the 11th Kyrgyz-Russian Interregional Conference in Krasnoyarsk (Russia).
"Kyrgyzstan and Russia intend to increase mutual trade turnover to $5 billion in the near future," he said.
Japarov noted that Kyrgyzstan is open to Russian investment.
"Over the past years, the interregional conference has become a platform for the exchange of experience and best practices between businesses of the two countries, as well as for strengthening interaction between regions. Over the 10 years of its existence, the Russian-Kyrgyz Development Fund has financed more than 3,000 projects totaling almost $690 million," Japarov said.
He also invited the Russian side to take part in the Issyk-Kul Investment and Economic Forum, the light industry exhibition BEE-TOGETHER, AGRO EXPO, etc.
Meanwhile, trade turnover between Kyrgyzstan and Russia amounted to $611.5 million from January through March 2024, which is 6.1 percent more year-on-year ($576.705 million).
Exports totaled $118.7 million, declining 9 percent from the first quarter of 2023’s figures ($130.3 million). Imports reached $492.8 million, which is 10.4 percent more than $446.3 million in the corresponding months of last year.
Russia makes up 16.4 percent of Kyrgyzstan's total trade turnover. In Kyrgyzstan's exports, Russia's share is 23.2 percent, and in imports, it's 15.3 percent. Russia is Kyrgyzstan's second-largest trade partner after China, with trade between the two countries reaching $1.631 billion in the first quarter of 2024.