Kyrgyz

Akylbek Japarov: Bringing Life Back to Kyrgyzstan’s Energy Sector

Kyrgyzstan’s Economic Growth Breaks Records, Chairman of the Cabinet States

In recent years, Kyrgyzstan has seen unprecedented economic growth and remarkable sustainable development, according to Chairman of the Cabinet of Ministers Akylbek Japarov. The announcement was made at the International Energy Investment Forum held in Vienna.

During his country presentation titled “Economic prospects and investment climate in the Kyrgyz Republic,” Japarov highlighted the outstanding performance of the Kyrgyz economy. He stated that the average GDP growth rate reached 7 percent and accelerated to 8.8 percent in the first quarter of 2024. Additionally, Moody’s rating agency upgraded Kyrgyzstan’s credit rating outlook from negative to stable, affirming the local and foreign currency long-term issuer ratings at B3.

Japarov emphasized the positive developments in the energy sector, noting that it is currently going through a period of revival. He mentioned the revision of tariffs and the provision of benefits and preferences to investors. Over 50 renewable energy projects have been launched across the country, including the recently inaugurated Bala-Saruu hydropower plant that will supply electricity to the Talas region.

The Chairman of the Cabinet urged international organizations to collaborate on energy projects, particularly highlighting the construction of the Kambarata HPP-1 with a capacity of 1,860 megawatts. He expressed confidence in the joint effort to build the largest hydropower station in the region, leading to new opportunities for green energy in Central Asia.

Japarov also discussed advancements in agriculture, water resource management, and the introduction of modern technologies in Kyrgyzstan, along with the construction of international-class laboratories. He underscored the tourism potential of the country, mentioning the construction of a ski resort named Kyrgyz Courchevel. The project, implemented by the French company S3V, aims to create a Three Peaks ski cluster with approximately 200 kilometers of ski trails, catering to around 850,000 tourists annually. Furthermore, a resort near Bishkek will feature a 20-kilometer funicular, allowing visitors to enjoy winter and summer activities just a short drive from the capital.

Overall, Kyrgyzstan’s economic success and innovative projects in various sectors are viewed as significant milestones in the country’s journey towards prosperity and development.

 

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