National Bank of Kyrgyzstan has almost 38 tons of gold at its disposal

The National Bank currently has 37.8 tons of gold at its disposal, official representative of the National Bank of the Kyrgyz Republic Aida Karabayeva told during a press conference at Kabar.

She said that out of the total number of 13 tons of gold totaling 57 billion soms are in the gold and foreign exchange reserve of the bank, and 23.7 tons of gold worth 118.4 billion soms are in the gold reserves of the organization.



Source: Kyrgyz National News Agency

Kyrgyzstan, Saudi Arabia discuss multifaceted cooperation

Akylbek Zhaparov, Chairman of the Cabinet of Ministers of the Kyrgyz Republic, received a delegation led by Deputy Minister of Investments of the Kingdom of Saudi Arabia (KSA) Badr Al-Badr, the press service of the Cabinet reported.

During the meeting, the sides discussed a wide range of issues of further multifaceted cooperation. The chairman of the Cabinet of Ministers noted that the Kyrgyz Republic is rich in natural resources, which gives a number of competitive advantages in the Central Asian region.

“The Kyrgyz Republic is interested in attracting large Saudi companies to projects in the field of trade, investment, agriculture, energy, science and education, tourism and culture, as well as the halal industry,” the head of the Cabinet said.

He also noted the need to expand investment cooperation and establish business partnerships between entrepreneurs of the two countries and called on Saudi companies, taking into account their experience and the situation on the world market, to actively participate in projects in the Kyrgyz Republic.

In turn, KSA Deputy Minister of Investments Badr Al-Badr introduced the members of the delegation, heads of leading Saudi companies in various fields, including agriculture, pharmaceuticals, energy, tourism, etc.

He expressed his full readiness to increase cooperation in all areas of mutual interest. The sides agreed to start intensifying cooperation within the framework of multilateral cooperation.

“The time has come to start from words to deeds, we need a sharp jump in the development of our bilateral relations. The Kyrgyz side is ready to provide all possible support in all areas, as well as to provide state guarantees,” Akylbek Zhaparov concluded.



Source: Kyrgyz National News Agency

Deputy FM of Kyrgyzstan receives copies of credentials from ambassador of Vietnam

Deputy Minister of Foreign Affairs of Kyrgyzstan Almaz Imangaziev received copies of credentials of Ambassador of the Socialist Republic of Vietnam Pham Thai Ny Mai.

The Ministry of Foreign Affairs of the Kyrgyz Republic said that Imangaziev congratulated Pham Thai Ny Mai on taking office as Ambassador of the Socialist Republic of Vietnam to the Kyrgyz Republic and participating in the ceremony of presenting his credentials. He expressed confidence that her appointment would give impetus to the development of Kyrgyz-Vietnamese relations.

During the meeting, the parties discussed topical issues of bilateral and multilateral cooperation, and also exchanged views on the prospects for intensifying cooperation, in particular focusing on the importance of deepening trade and economic relations, taking into account the Free Trade Zone Agreement between the EAEU and Vietnam, expanding the legal framework between countries, holding Kyrgyz-Vietnamese inter-MFA consultations and organizing mutual visits at various levels.

The ambassador of Vietnam, in turn, expressed gratitude to the deputy minister and assured that she would make every effort to intensify bilateral relations and achieve tangible results in areas of mutual interest.



Source: Kyrgyz National News Agency

WHO renames monkeypox as “mpox” to avoid stigma

To avoid racist stereotypes and stigmatization, the World Health Organization (WHO) recommended on Monday that the monkeypox virus be renamed “mpox.”

Both names — mpox and monkeypox — will be used simultaneously for one year while the latter is phased out, the WHO said in a press release. The change comes after a number of individuals and countries have raised concerns in several meetings and asked the WHO to propose a way forward to change the name.

The one-year transition period serves to mitigate experts’ concerns about confusion caused by a name change in the midst of a global outbreak. It also gives time to complete the International Classification of Diseases (ICD) update process and to update WHO publications.

In July, the WHO officially declared the multi-country monkeypox outbreak outside of the traditional endemic areas in Africa a public health emergency of international concern (PHEIC), the highest level of alert that the global health authority can issue.

It is the WHO’s responsibility to assign names to new and existing diseases through a consultative process, which includes the WHO member states. The consultation on monkeypox has involved representatives from government authorities of 45 different countries, it said.

According to the WHO, as of Saturday, 110 member states had reported 81,107 laboratory confirmed cases and 1,526 probable cases, including 55 deaths. Most cases reported in the past four weeks were from the Americas (92.3 percent) and Europe (5.8 percent). The number of weekly reported new cases globally decreased by 46.1 percent in the week of Nov. 21-27.




Source: Kyrgyz National News Agency

Kazakh President arrives in France for official visit

Head of State of Kazakhstan Kassym-Jomart Tokayev arrived in France for an official visit, Kazinform reported.

He is expected to hold negotiations with his French counterpart Emmanuel Macron. The sides will discuss the prospects of development of strategic partnership in trade-economic, investment and humanitarian spheres.

The Head of State will also hold a number of meetings with business communities of France.



Source: Kyrgyz National News Agency

Korean ambassador to Kyrgyzstan expresses readiness to cooperate with Kabar News Agency

Director of Kabar News Agency Mederbek Shermetaliev and Ambassador of the Republic of Korea to Kyrgyzstan Lee Won-jae discussed the cooperation issues on Tuesday during a meeting in Bishkek.

Shermetaliev briefed the ambassador about the activities of Kabar Agency and the plans in the work of the agency in future.

The director of Kabar Agency expressed readiness to work with Korean colleagues in the sphere of news exchange and exchange of experience.

“We are very interested to work with the Republic of Korea and ready to consider all the suggestions and proposals,” he said.

Shermetaliev also proposed to exchange information in the tourism sphere, taking into account the interest of tourists from Korea to Kyrgyzstan and Kyrgyz citizens to the South Korea.

The sides also discussed the enhancing cooperation between Kabar News Agency and Yonhap News Agency and expressed the readiness to work together in all possible areas of cooperation.

From his side, Ambassador Lee Won-jae noted the readiness of the embassy to assist Kabar in various spheres in possible ways.

The ambassador highlighted and praised the work of the Kabar Agency in covering the events held within the framework of the 30th anniversary of the of the establishment of the diplomatic relations between Kyrgyzstan and the Republic of Korea, which was marked this year.

The sides expressed readiness to cooperate and interact further.


Source: Kyrgyz National News Agency

OIC countries to address USD 63 bln halal products trade deficit

The 2022 Annual OIC Halal Economy Report identified that the OIC member states recorded a trade deficit of US$63 billion for halal economy products in 2021, covering food, fashion, pharmaceuticals and cosmetics, with exports equaling US$275 billion and imports totaling US$338 billion. Only 18% of these imports were sourced intra-OIC, while only three OIC countries (Türkiye, Indonesia, and Malaysia) made it to the top 20 exporters of halal economy products.

The report, commissioned by the Islamic Centre for Development of Trade (ICDT) and produced by DinarStandard, a US-based research and advisory firm, was launched in Istanbul on November 29th, 2022 at an event attended by ministers of OIC member countries, and representatives from OIC organs.

“For close to four decades, ICDT has strived to facilitate trade and investments across OIC countries by promoting halal economy products and services, developing partnerships and strategic alliances between stakeholders of member states, helping disseminate information on intra-OIC supply and demand and fostering best practices. With this report, we aim to inspire and empower OIC countries to act cohesively, promote inclusive growth and increase the OIC’s share in the halal trade and investments ecosystem with integrity and purpose”, said HE Latifa El Bouabdellaoui, Director General, ICDT.

While OIC countries were import reliant for the food, pharmaceuticals and cosmetics sectors, they were net exporters of apparel and footwear products, having exported products worth US$101.94 billion in 2021, while imports equaled US$34.96 billion, resulting in a positive trade balance of US$66.98 billion.

Meanwhile, in terms of investments, OIC Member States received a total of 180 investments across the eight sectors of the halal economy, with 120 disclosed deals worth US$7.9 billion in 2021.

Driving OIC member countries opportunity in halal trade and investments is its halal lifestyle consumer demand ($1.7 trillion in 2021) representing 79% of the global spend ($2.1 trillion). Specifically, Muslim spend on food by consumers in OIC countries was valued at US$1.07 trillion in 2021, forecasted to reach US$1.5 trillion by 2026. This presents a strong window of opportunity for OIC countries to ramp up production, leverage growing consumer demand for healthy and organic food products, and adopt digitalization across the industry.

Islamic finance assets in OIC countries were worth US$3.32 trillion in 2020 and are forecasted to reach US$4.82 trillion by 2025, at a CAGR of 7.8%. In 2021, deals in finance constituted 23% of all transactions in OIC countries.

OIC member countries made up six of the top 10 global markets for Muslim consumer spend on media and recreation in 2021. Muslim consumers from OIC Member Countries spent an estimated US$141 billion on media and recreation in 2021, forecasted to reach US$231 billion by 2026.

Meanwhile, Travel was one of the sectors most affected by the COVID-19 pandemic. Muslim travelers from OIC countries spent a total of US$86 billion in 2021, forecasted to reach US$211 billion by 2026.

Islamic higher education is essential to educate industry and halal supply chain players Muslim consumers from OIC countries spent US$15 billion on tertiary education in 2021, with the top three markets being Saudi Arabia, Türkiye, and Indonesia. This spend is forecasted to reach US$19 billion by 2026.

The report incorporates an OIC Halal Economy Trade and Investment Index that ranks OIC member countries’ global and intra-OIC trading activity in halal-related sectors, as well as the country’s attractiveness to investors. The index comprises of 61 metrics organized into five components for each of the eight sectors of the Islamic economy: Islamic finance, halal food, Muslim-friendly travel, modest fashion, media/recreation, halal pharmaceuticals, halal cosmetics, and tertiary education. The top five ranked countries in the index are: Malaysia, the UAE, Saudi Arabia, Türkiye, and Bahrain.

Rafi-uddin Shikoh, Managing Partner of DinarStandard, said: “The 2022 Annual OIC Halal Economy Report identifies 20 actionable strategies for OIC organs and member states to explore and implement, grouped into five strategic categories. These categories are national economic resilience building, intra-OIC/south-south cooperation, halal economy promotion and awareness, and investment attraction and facilitation”.

The actionable strategies for national economic resilience building, include localizing halal production and launching accelerator programs; intra-OIC/south-south cooperation entails establishing economic partnerships and facilitating halal certifications; research and innovation focuses on emerging technologies and capacity building; halal economy promotion and awareness, includes supporting SMEs and conducting trade shows; and investment attraction and facilitation comprises establishing investment promotion agencies and stakeholder collaboration. Additionally, sector-specific strategic and tactical recommendations for industry stakeholders and investors have been detailed within each chapter within the report.

It is noteworthy that the ICDT, established in Casablanca in 1984, is the Subsidiary Organ of the OIC entrusted with the mission of promoting Trade & Investments in OIC. For close to four decades, the Islamic Centre for Development of Trade (ICDT) has strived to facilitate trade and investments across OIC countries by promoting halal economy products and services, developing partnerships and strategic alliances between stakeholders of member states, helping disseminate information on intra-OIC supply and demand and fostering best practices. In addition to organizing seminars, forums, and conferences, ICDT follows up the trade negotiations on the Trade Preferential System among the OIC Member States (TPS-OIC) as well as the trade negotiations in the framework of the World Trade Organization (WTO). Furthermore, it conducts sector-based studies with the major aim of boosting trade among the OIC Member States.


Source: Kyrgyz National News Agency

Exhibition “Intellectual and innovative resources of Kyrgyzstan-2022” opened in Bishkek

The opening of the exhibition “Intellectual and Innovative Resources of Kyrgyzstan” is held at the National Museum of Fine Arts. As part of the event, Deputy Chairman of the Cabinet of Ministers Edil Baisalov and Director of the State Agency for Intellectual Property and Innovation under the Cabinet of Ministers Rakhat Kerimbayeva cut the red ribbon.

Rakhat Kerimbayeva said at the opening ceremony that the event will become an effective business platform for participants to establish business contacts for cooperation, open new markets for export and import of products and services, find partners for investment, and create joint ventures.

The exhibition is attended by government agencies, international organizations, domestic inventors, representatives of the creative industry and authors, entrepreneurs, startups, higher and secondary educational institutions, school and out-of-school educational institutions.

The purpose of the exhibition is to demonstrate the intellectual and innovative resources of Kyrgyzstan, exchange experience in the development of new technologies and equipment, search for potential investors for the implementation of projects, establish new business connections and partnerships.



Source: Kyrgyz National News Agency