Problems of investment attractiviness of the Kyrgyz Republic


PhD, Associated Professor, Head of HR of CJSC «IPC»
Kyrgyz Republic, Kyrgyz-Russian Slavic University named by B. Yeltsin
[email protected]

Grand PhD, Professor of «Banking and insurance»
Kyrgyz Republic, Kyrgyz economic university named by M. Ryskulbekova
[email protected]


The problem of attracting foreign investment is always relevant for increasing the sustainability of the development of any economy. This problem is also relevant for the Kyrgyz Republic, whose economic indicators have been rapidly deteriorating in recent years. The purpose of this article is to study the factors affecting the inflow of foreign direct investment into the republic. To achieve this goal, the authors used both qualitative and quantitative methods, reports and data’s of international organizations. The authors concluded that the country's weak institutional development hinders investment. The study also showed that, unlike other countries, political stability in the republic is more important than macroeconomic factors.


Direct foreign investments; investment attractiveness; macroeconomics; open economy; competitiveness.

Print Friendly, PDF & Email

Categories of article:

Read also

Suggested citation

Makeeva Meerim Turatbekovna , Bakas uulu Bakhtyiar
Problems of investment attractiviness of the Kyrgyz Republic// Modern Management Technology. ISSN 2226-9339. – #3 (96). Art. # 9601. Date issued: . Available at:

Full article text is available only in Russian.
Please select from the menu Russian language and continue reading.


  1. Law of the Kyrgyz Republic dated March 27, 2003 No. 66 “On Investments in the Kyrgyz Republic” [Zakon Kyrgyzskoy Respubliki ot 27 marta 2003 goda № 66 «Ob investitsiyakh v Kyrgyzskoy Respublike»] (As amended by the Laws of the Kyrgyz Republic dated June 14, 2004 No. 76, July 31, 2006 No. 144, June 23, 2008 No. 127, October 17, 2008 No. 231, April 30, 2009 No. 141, July 16, 2009 No. 222, October 22, 2009 No. 284, February 6, 2015 No. 31, February 13, 2015 No. 32, December 16, 2016 No. 207, April 13, 2018 No. 39, 6 August 2018 No. 88, 26 December 2020 No. 12) “// Date of access: 19.01.2021
  2. Sharp, U.F. Investments [Investitsii] / U.F. Sharp, G.Dzh. Aleksander, D.V. Beyli. – M .: INFRA-M; NPPK, 2004. – C. 1-16
  3. Lapusta, M.G. Business risks. [Riski v predprinimatel’skoy deyatel’nosti] / M.G. Lapusta, L.G. Sharshukova – M .: INFRA-M, 1998. – p. 76.
  4. Fedorova, Ye.A. Formation of a mechanism for attracting investments to the regions: On the example of the Pskov region [Formirovaniye mekhanizma privlecheniya investitsiy v regiony: Na primere Pskovskoy oblasti]: dissertation … cand. econom. Sciences: 08.00.05 / E.A. Fedorov. – M. 2003. – 35 p.
  5. Bey, E.I. Investment attractiveness of regions as a factor in the development of the national economy of Russia [Investitsionnaya privlekatel’nost’ regionov kak faktor razvitiya natsional’noy ekonomiki Rossii]: dissertation … cand. econom. Sciences: 08.00.05 / E.I. Bay.- M. 2008.- 27 p.
  6. External debt of Kyrgyzstan exceeded 60% of GDP – Ministry of Finance [Vneshniy dolg Kyrgyzstana prevysil 60% VVP – Minfin]// Date of access: 19.01.2021
  7. Kalikova Associates. 2014. Business in the Kyrgyz Republic: Legal Aspects. P. 20-21
  8. Atakhanov, A. About investments and the economy of our country [Ob investitsiyakh i ekonomike nashey strany].
  9. Development Globalization: Facts and Figures 2021 // Дата обращения: 18.07.2019
  10. Batalov E.Ya. Political- “too human” [Politicheskoye- «slishkom chelovecheskoye»]/ Polis.- 1995.- №5.- P.14
  11. For 9 months of 2020, FDI outflows decreased by 30.9%, amounting to $ 719 million [Za 9 mesyatsev 2020 goda ottok PII snizilsya na 30,9%, sostaviv $719 mln]// Date of treatment: 19.01.2021
  12. US Department of State. 2018. Investment Climate Statements: Kyrgyz Republic. DC.
  13. US Department of State. 2018. Investment Climate Statements: Kyrgyz Republic. DC.
  14. World Bank. 2015. Investment Climate in Kyrgyz Republic Views of Foreign Investors. DC.
  15. 2018. Country report- Kyrgyzstan. https://www.bti
  16. Kyrgyz Republic. Rank in 2017 / Global Competitiveness Index //