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PM: Kyrgyzstan integration in Eurasian European Union to trigger entrepreneurship

September 21, 2015, 13:04 UTC+3 BISHKEK

The country already ranks among leaders in terms of easiness of starting business, Prime Minister Temir Sariev notes

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BISHKEK, September 21. /TASS/. Kyrgyzstan’s full-fledged integration in the Eurasian European Union (EAEU) will trigger development of entrepreneurship in the republic, Prime Minister Temir Sariev said at a meeting with businessmen on Monday.

"Due to Kyrgyzstan’s integration in the EAEU entrepreneurs will have new trade and economic opportunities," Sariev said, adding that the government is making all efforts to ease life for businessmen. "We’ve minimized the state’s participation in the work of business entities," PM said. Also, he said, Kyrgyzstan has very permissive tax regulation, with income tax standing at 10% and value-added tax totaling 12%.

"The country already ranks among leaders in terms of easiness of starting business," he said. "We’re the 9th in the world in terms of business registration," Sariev said, adding that there’s been progress in terms of receiving access for construction. In recent years, Kyrgyzstan has gone up in the global competitiveness rating first ever in its history from 121 to 106 spot, he said.

The Eurasian Economic Union, which implies free movement of goods, services, capital and labour and is based on the Customs Union, started operating in January, replacing the Eurasian Economic Community, which officially ceased to exist last October.

Kyrgyzstan became the fifth member of the EAEU on August 12. The treaty on Kyrgyzstan joining the bloc was signed in Moscow on December 23, 2014. On May 8, EAEU member states — Armenia, Belarus, Kazakhstan and Russia — signed in Moscow a protocol, which defined terms and transitional periods of the republic’s accession to the union.

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