Construction Begins on Kyrgyzstan’s First Bonded Warehouse at Naryn FEZ
First Bonded Warehouse Being Built in Naryn FEZ, Kyrgyz Republic
Bishkek – 24.kg news agency – Tilebaldy TUKUEVA
November 6, 2023, 09:30
The development of Naryn region in the Kyrgyz Republic is set to receive a significant boost with the construction of the first bonded warehouse in the Naryn Free Economic Zone (FEZ). This project aims to attract investments and promote economic growth in the region, according to the press service of the National Investment Agency.
The construction of bonded warehouses within the Naryn FEZ was the main topic of discussion during a meeting between Nuradil Bayasov, the Deputy Director of the national agency, and Ma Ren Hong, the President of GuangDong Logistics Profession Association, along with Zhu Zewen, the General Director of Guangzhou Flyt Logistic Limited.
Chinese investors, in collaboration with Kara-Bulak LLC, a local entity operating within the Naryn FEZ, are currently involved in constructing the bonded warehouse in the At-Bashi district of Naryn region.
In addition to this project, future plans involve the consideration of other initiatives such as the establishment of an online platform for e-commerce and the construction of a car market within the Naryn FEZ. Another proposed project would focus on exporting agricultural products from Kyrgyzstan to China.
Bonded warehouses, also known as free warehouses, are designated areas where imported goods can be stored indefinitely without undergoing customs procedures or paying taxes. These warehouses are legally linked to specific customs offices, and the goods are not officially considered to have crossed the customs border until they leave the warehouse. Bonded warehouses can be located anywhere within the country.
The development of the first bonded warehouse in the Naryn FEZ is expected to have a positive and lasting impact on the economic growth and investment opportunities in the region. It signifies a crucial step towards attracting foreign investments and promoting international trade between Kyrgyzstan and China.
