Austrian Ministry Highlights Key Factors To Boost Trade With Kyrgyzstan (Exclusive)

11/30/2024 6:06:27 AM

(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 30. Key factors for increasing trade between Austria and Kyrgyzstan could include improving bilateral trade agreements to reduce tariffs and trade barriers, as well as establishing bilateral investment treaties, a source at the Austrian Ministry of Finance told Trend .

"Increasing awareness and promoting each country's market strengths would also help Austrian and Kyrgyz businesses identify mutual benefits and opportunities, thereby strengthening trade relationships," the source added.

According to the ministry, Austrian investors in Kyrgyzstan may prioritize initiatives in sustainable energy (particularly hydropower)-aligning with the global transition to renewable energy sources-and infrastructure development, especially in transport (e.g., cable cars, toll systems) and logistics.

"Currently, Austrian exports to Kyrgyzstan are still relatively modest, amounting to almost 30 million euros in 2023, primarily for machinery and pharmaceuticals. There are several sectors that could be attractive for Austrian companies, such as infrastructure, renewable energy, and technology transfer. Investments may focus on upgrading transport and logistics infrastructure to improve trade routes and access to markets. Renewable energy projects (hydropower), aimed at exploiting Kyrgyzstan's abundant natural resources, are also attractive," the source said.

Additionally, the ministry noted that there are promising opportunities in tourism and agriculture, given Kyrgyzstan's potential in ecotourism and agricultural production.

MENAFN30112024000187011040ID1108941214

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.