Kazakhstan invested $1 billion in Kyrgyzstan in 6 years

Kazakhstan invested $1 billion into Kyrgyzstan in 6 years, Tengrinews.kz reports citing press-service of Kazakhstan Ministry of Economic Development and Trade. “In 2006-2011 Kazakhstan invested around $1 billion into Kyrgyzstan’s economy. During this period 20 percent of the state machinery was cut, new methods of efficiency evaluation of state authorities were being implemented, red tape was being cut,” Kyrgyzstan Minister of Economy and Anti-Monopoly Policy Temir Sariyev said at the official meeting with Kazakhstan Minister of Economic Development and Trade. According to Sariyev, Kyrgyzstan Ministry of Economy and Anti-Monopoly Policy developed many draft laws, including the draft law on creation of the state development bank. “The state development bank will allocate money for implementation of priority state programs,” the Minister said. Kazakhstan Minister of Economic Development and Trade Bakytzhan Sagintayev met with Kyrgyzstan Minister of Economy and Anti-Monopoly Policy Temir Sariyev in Astana. During the meeting the parties discussed main directions of economic development in both countries and defined the priorities of further interaction and cooperation. Minister Sariyev noted a special position of Kazakhstan in the foreign trade of Kyrgyzstan as a trade-economic partner. He also noted the dynamic development of trade and economic relations of both countries. The ministers have noted that cooperation between Kyrgyzstan and Kazakhstan is developing constructively thanks to traditionally friendly relations.