Kyrgyzstan has achieved growth thanks to the state’s active involvement in the economy — Choro Seitov

Over the past five years, Kyrgyzstan’s economy has grown by more than 11% annually, placing the country among the world leaders in terms of economic growth. This was stated by Choro Seitov, First Deputy Minister of Economy and Trade, during a business dialogue at the St Petersburg International Economic Forum.

Responding to a question about which of Kyrgyzstan’s approaches could be useful for Eurasian integration and the formation of new production chains within the EAEU, Seitov noted that one of the key factors driving growth has been the state’s active role in the economy.

“We are currently among the top three countries in the world demonstrating high economic growth. This has been made possible thanks to the political will of the country’s leadership and the understanding that the economy must be supported,” he said.

According to the First Deputy Minister, Kyrgyzstan has moved away from approaches involving minimal state intervention in economic processes. Instead, the authorities have focused on direct support for business through mechanisms such as interest rate subsidies, loan guarantees, sureties and the participation of state-owned companies in project implementation.

“We realised that we must invest in the development of the economy ourselves. The state has increased spending and actively supports business through various instruments,” noted Seitov.

He added that the effectiveness of this model is confirmed not only by high rates of economic growth but also by positive assessments from partners in the Eurasian Economic Union.

Separately, the First Deputy Minister highlighted the impact of the digitalisation of the economy and tax administration. According to him, the reforms launched several years ago are now driving growth in state budget revenues.

“From 2022 to 2025, we are already reaping the benefits of digitalisation. Budget revenues are growing, and these funds are being channelled back into the economy — to support small and medium-sized businesses, and to develop women’s and youth entrepreneurship,” he emphasised.

According to Seitov, it is precisely this combination of active state support, digitalisation and measures to stimulate entrepreneurship that could serve as a model for the further development of economic integration within the Eurasian Economic Union.