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Trade between Kyrgyzstan and SPECA nations sees significant growth

5 May 2024 21:18 (UTC+04:00)
Trade between Kyrgyzstan and SPECA nations sees significant growth

Kyrgyzstan's trade turnover with the UN Special Program for the Economies of Central Asia (SPECA) member countries reached $2.105 billion in 2023, announced Sanzhar Bolotov, Deputy Minister of Economy and Commerce of the country, during the Ministerial Meeting of SPECA in Bangkok, Azernews reports.

"Kyrgyzstan's trade turnover with the SPECA countries increased by 1.9 times from 2019 through 2023. However, the trade potential between Kyrgyzstan and the SPECA countries far exceeds this statistic," emphasized Bolotov.

At the meeting, the creation of the SPECA multipartner trust fund garnered special attention from all countries. Kyrgyzstan supported the idea and committed to the necessary work for its successful operation.

"This will be an effective mechanism for implementing projects aimed at improving the economic situation and social well-being in our countries," noted Bolotov.

He also shared Kyrgyzstan's achievements and plans in the green economy, supporting the development of a long-term vision for the SPECA countries in this direction until 2030. Bolotov proposed giving special attention to digital innovations and e-commerce in the economies of the SPECA region in subsequent meetings.

A joint statement was adopted at the end of the meeting, reflecting decisions such as the intention to develop the green economy in the SPECA region, increase trade turnover through the promotion and utilization of e-commerce advantages, and develop the SPECA development concept until 2030.

SPECA was established on March 26, 1998, by the Tashkent Declaration. The goal is to promote economic development, cooperation, and integration into the economies of Europe and Asia for its participating countries. Currently, SPECA-participating states include Azerbaijan, Afghanistan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan.

According to the State Statistical Committee of Kyrgyzstan, the country's foreign trade turnover reached $15.660 billion in 2023, which is a 29.9 percent increase compared to 2022 ($12.057 billion).

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