Charting a Sustainable Future: A View from Central Asia

 

Delivered at the Singapore FinTech Festival, this session by Edil Baisalov, Deputy Prime Minister, Kyrgyz Republic discussed Kyrgyzstan’s remarkable progress in economic growth, digital transformation, and sustainable practices, and highlighted opportunities for investment in Central Asia.

Key Highlights
1. Economic Growth and Transformation

  • Kyrgyzstan has experienced significant economic growth, with GDP per capita doubling to $2,500 and government revenues tripling in just four years.
  • Maintains an impressive 9% annual GDP growth rate, demonstrating economic resilience and readiness for global partnerships.
  • Revenues have been reinvested in education, healthcare, and infrastructure, benefiting all citizens.


2. Environmental Commitments

  • Acknowledging its fragile ecosystem, Kyrgyzstan aligns its sustainability goals with COP 29 objectives.
  • Ambitious targets include promoting green finance and eco-friendly practices while addressing climate change impacts.


3. A Regulatory Framework for Sustainable Investments

  • Reforms encourage foreign investments aligned with Environmental, Social, and Governance (ESG) principles.
  • Kyrgyzstan aims to become a Central Asian hub for innovation, green finance, and technology.
  • Incentives and regulatory support for companies prioritizing sustainability are in place.


4. Advancing Digital Transformation

  • Adoption of digital payment systems using QR technology has increased financial inclusion, especially in rural areas.
  • Implementation of electronic procurement systems has enhanced transparency and reduced bureaucratic inefficiencies.
  • The ongoing development of a national digital currency, the ""Digital Kyrgyz Som,"" aims to modernise financial systems and support fintech innovation.


5. Regional Cooperation and Global Integration

  • Strengthening trade routes, energy corridors, and logistics networks to connect Central Asia with global markets.
  • Invites global innovators and investors to leverage Kyrgyzstan’s liberal legislation for fintech and virtual asset ventures.


Conclusion

Kyrgyzstan is committed to balancing economic growth with environmental stewardship and social responsibility. With robust reforms, a focus on digital innovation, and a welcoming regulatory environment, Kyrgyzstan is positioning itself as a leader in sustainable development in Central Asia. The nation invites global partners to join in creating a prosperous and sustainable future.

 

Watch Full Session

 

Speaker:

  • Edil Baisalov, Deputy Prime Minister, Kyrgyz Republic
 

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