JEDDAH, 28 December 2004 — A consortium of private oil companies in Kyrgyzstan that have “close collaboration” with Russian firms are planning to jointly import two million barrels of crude oil a month, to begin with, from Saudi Arabia, according to Sadruddin Djienbekov, adviser to the Kyrgyz president on trade and economic affairs.
Djienbekov is leading a 15-member trade and investment delegation to the Kingdom.
Following talks with Saud O. Ounallah, general director, Jeddah Chamber of Commerce and Industry (JCCI), Ahmed Bahjat Hijazi, director of international trade and organizations department, and other chamber officials, here yesterday he told Arab News that the companies might process the crude in Russia. “I don’t know if they will sell it to another market. It is a private business,” he explained
He said the purpose of the visit was to set up new sustainable trade and economic relations. “The visit, practically the first one to the Kingdom, has been fruitful,” he added.
“Saudi Arabia’s economy is the biggest in the Middle East and we are looking for new partners for the rapidly growing businesses in Kyrgyzstan,” he said. Compared to last year, foreign investments in Kyrgyzstan grew by 31.2 percent this year and the international trade turnover increased by about 30 percent. “We realize that this is not enough. It is important for us to open up new opportunities and find new partners in the areas of investments and trade,” he explained.
“Moreover, trade with Saudi Arabia is very small — $200,000 per year. Both sides are not happy with this and have decided to enhance it. We have found good support, and in the near future we expect bilateral trade to reach at least $100 million a year,” Djienbekov said.
Investment and joint venture potentialities in tourism; machine building, particularly manufacturing spare parts for Saudi Arabian companies, construction of hydropower electric stations, and mining, have been identified and would be pursued.
At present very few Saudis visit Krygyzistan. “There is a certain group of people, about 20, who come to Kyrgyzstan regularly. They are good investors. That’s it. We hope that the ties that we have established here would favorably contribute to growing investment, trade, joint ventures, and tourism,” he said.
Djienbekov, explained that the president has initiated and launched new investment regulations based on open door policy. A consultative council on foreign investments in the country has also been set up, which is chaired by the president. The members include all the leading businessmen, foreign investors, and representatives of foreign missions.
“Policy decisions are taken in close cooperation and consultation with the civil society and the investor community,” he said.