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The Kyrgyzstan Foreign Minister, Jeenbek Kulubayev, has been in Moscow holding talks with Russian Foreign Minister Sergei Lavrov, to discuss bilateral trade. Kulubayev, quoting Kyrgyz statistical data, aid that Kyrgyz-Russian trade grew 16.6% to US$3.2 billion in 2024, stating that “The indicators can be increased further. Our ministries and agencies should start active work in this area.”
The Russian and Kyrgyz Presidents have previously set the task of increasing bilateral trade to US$5 billion a year, with Kulubayev stating that “Kyrgyzstan and Russia have full mutual understanding and confidence and do not have any political disagreements or contradictions. High dynamics of bilateral contacts and energetic interaction make it possible to solve any problems in every area of the Kyrgyz-Russian agenda on the basis of full mutual understanding and respect.”
The economy of Kyrgyzstan is supported by several key industries that are critical for its growth and overall development. Agriculture serves a significant portion of the population and ensuring essential food security. The country is recognized for producing various crops, including cotton, tobacco, and a diverse range of fruits and vegetables. Additionally, livestock farming plays a crucial role, contributing to both domestic consumption and exports, particularly in meat and dairy products. In terms of energy, Kyrgyzstan boasts considerable hydropower potential, which accounts for the majority of its electricity generation. The government focuses on expanding its hydropower infrastructure and is exploring renewable energy opportunities. Additionally, manufacturing is being revitalized through the establishment of new facilities and technological parks, with the launch of more than 100 large-scale industrial projects taking place in 2024.
Kyrgyzstan is actively engaged in several free trade agreements to enhance its economic integration. It is a member of the Eurasian Economic Union (EAEU), which allows for the elimination of tariffs and trade barriers among member states. In June 2024, Kyrgyzstan ratified a trade agreement with Iran to bolster trade relations. Additionally, Kyrgyzstan benefits from the Generalized Scheme of Preferences Plus (GSP+), providing tariff-free access to the EU market for over two-thirds of its products, which has been instrumental in boosting exports. The Enhanced Partnership and Cooperation Agreement (EPCA) signed with the EU in June 2024 aims to strengthen bilateral cooperation in trade, governance, and environmental protection. Russian online retail investors such as Wildberries and Ozon have opened representative offices in Kyrgyzstan to develop local and regional trade.
With a population of approximately 7.2 million, Kyrgyzstan’s GDP (PPP) stands at around US$48.1 billion, GDP per capita (PPP) at US$6,790, and a projected GDP growth for 2025 at 5.8%.
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