When you enter the business, you agree to a constant race: the more business is successful, the more funds are required for its expansion and modernisation. Entrepreneurs in Kyrgyzstan can now find partners not only abroad, but also without leaving the country. For nine years, the Bishkek Investment Forum - BIF - has been the platform for introducing businesses to future investors.

The capital has hosted BIF-2024 today. Since 2015, the Bishkek Investment Forum has established itself as a leading platform for discussing business and economic issues in Central Asia, and for attracting investment. The Forum's organisers, the JIA Business Association, are proud of the previous years' achievements, as the total amount of investments attracted during the entire period of the platform's operation amounted to $186.17 million.

Over the years of the Forum, more than a thousand projects were presented, 231 of which were included in the special programme, and 44 projects became finalists and were presented at official events. Thanks to the Forum 370 companies managed to attract investments, and the total number of participants for all years exceeded the mark of 5,700 people.

This year the Forum was attended by delegates from all regions of Kyrgyzstan. However, it is worth noting that every year interest in the event as an investment platform has been growing, and today it was attended by representatives of 13 countries, including Kazakhstan, Uzbekistan, Turkey, Mongolia, Japan, Germany, USA, Pakistan, Bangladesh, India, Turkmenistan and Russia.

"Business development, investment opportunity analysis, ability to cope with changes in the global economy, compliance with new trends and standards, exchange of experiences and opinions - all this is discussed on platforms such as BIF. We are glad that the Forum provides an opportunity for these discussions. However, one of the main goals of this event is to identify regional initiatives that can be realised through joint efforts. Close collaboration between governments, business and society is the key to the success of these initiatives,' Joodar Omoshev, Chairman of the Board of the JIA Business Association, said in his welcoming speech.

The opening of BIF-2024 brought together key business and government leaders to discuss topical issues related to investment attraction and international cooperation. From the beginning, it was clear that the Forum sets a high pace and is focused on results.

In his speech, Deputy Chairman of the Cabinet of Ministers Bakyt Torobaev said that the government is creating all the necessary conditions to attract investment in the Kyrgyz Republic.

’Specifically, we have special preferences. Investors investing more than $10 million get an exemption from three types of taxes: VAT, sales tax and profit tax. In addition, for those who plan to develop production, land plots are provided for the location of enterprises. We urge all interested investors to take advantage of these opportunities,’ he said in a conversation with journalists.

UN Resident Coordinator in Kyrgyzstan Antje Grave and Deputy Head of Mission at the German Embassy Konstantin Zelenti also spoke. In their welcoming speeches, they noted the importance of BIF for attracting investment and international cooperation. They also touched upon the importance of supporting small and medium-sized businesses, and sustainable development and reminded of the prospects of partnership in green technologies and digitalisation of business, contributing to strengthening economic ties with the Kyrgyz Republic.

The official opening of the event was followed by a series of practical presentations. The first speaker was Ruslan Karabukaev, a well-known entrepreneur and co-founder of such projects as BeSmart, Namba Taxi and Dodo Pizza. He spoke about his experience of attracting investments and shared lessons learnt from the past and their application for future projects.

Within the plenary session ‘Investment Potential of Central Asia’, experts discussed the regional integration and strengthening of economic ties between Central Asian countries. In the last two or three years, this topic has come to the forefront, becoming one of the region's key topics for business development.

According to Kasymkhan Kapparov, economist, managing partner of EMCG consulting company, founder of Ekonomist.kz expert platform and Ekonomist Business School online school for entrepreneurs, over the last 30 years, Central Asia has been mainly oriented towards external investments. Today, the situation is changing and more and more attention is being paid to intra-regional investments.

"We have always meant external investment when discussing investment in the region. But now it is important to realise that national investors within the region are also an important source of finance and technology. Mutual investment within Central Asia is a separate trend that should be celebrated and supported,’ Kasymkhan Kapparov emphasised in a conversation with Akchabar.

He noted that this trend will play an important role in developing the region's economy, and it is necessary to revise the approach to investment opportunities within Central Asia.

Referring to Kyrgyzstan's investment capacity, the economist emphasised the special role of the country's human capital and entrepreneurial culture.

"The Kyrgyz Republic's investment potential is directly related to human capital development. Here we see remarkable examples of how providing opportunities for entrepreneurs contributes to the new industries formation. The success of the garment cluster is a vivid example of how creativity and inner freedom of thinking can become key competitive advantages,’ he remarked.

Indeed, human resources play a key role in business matters, but they must be nurtured in the right way. Kamran Gulamov, CEO of Uzbek company AKFA Group, emphasised the importance of education in business development.

"When you have people and resources, you need to account for another important factor - productivity. Productivity, in turn, is achieved through education. And that's the only thing. That's why we rely very heavily on it. In Uzbekistan, at least now, many new private universities are opening, and state educational institutions are also developing. Of course, the issue of staff hunger and the qualification of future specialists cannot be solved overnight. But we invest a lot in education so that tomorrow we have the people we need to develop our business. Because many consulting companies come and write strategies. But the one who will realise the set tasks will be your team,’ he said in a conversation with Akchabar.

In addition to the main programme, the Forum included an exhibition where potential investment recipients demonstrated their potential. One could find projects from education, food and technical industries.

"This year, the JIA business association put a significant emphasis on the B2B sector, ensuring professional organisation and selection of projects. If earlier the forum was not so systematic, in 2024 the organisers have seriously worked out the format, which is noticeable by the high evaluation from the head of the UN office. It was noted that the event has a chance to become a ‘Central Asian Davos’, which, although it sounds ambitious, reflects large-scale plans for the future,’ Umbriel Temiraliyev, an investor and General Director of the Bishkek Special Economic Zone, who conducted an expert assessment of investment projects during the Forum, said.

BIF-2024 became not only a platform for sharing knowledge and experiences but also an important point for concluding new agreements and partnerships. The event also demonstrated a huge potential for attracting investment and business development in Kyrgyzstan.