Latest news with #KyrgyzRepublic
Times of Oman
5 days ago
- Business
- Times of Oman
India and Kyrgyzstan's BIT comes into force, strengthen economic ties
New Delhi: The new Bilateral Investment Treaty (BIT) between India and the Kyrgyz Republic comes into force on Thursday, marking a significant milestone in their bilateral economic relations. Union Minister for Finance and Corporate Affairs Nirmala Sitharaman and Minister of Foreign Affairs of the Kyrgyz Republic, Zheenbek Kulubaev Moldokanovich signed the Protocol and exchanged Instrument of Ratification of the Bilateral Investment Treaty (BIT) in New Delhi. According to Ministry of Finance, "the Bilateral Investment Treaty (BIT) signed on 14th June, 2019, in Bishkek, between the Government of the Republic of India and the Government of the Kyrgyz Republic, enters into force with effect from today, i.e. 5th June 2025. This new BIT replaces the earlier agreement enforced on 12th May 2000, ensuring continuity in the protection of investments between the two nations." The aim of this BIT is to promote and protect the interests of investors from both countries within each other's territories. The treaty incorporates several key features designed to create a balanced framework for investment. It highlights that the importance of sustainable development. Additionally, it also provides an enterprise-based definition of assets with an indicative inclusion list and a specific exclusion list, clarifying characteristics of investments such such as capital commitment, expectation of gain, risk assumption, and significance for the host state's development. The treaty excludes matters relating to local government, government procurement, taxation, services supplied in the exercise of governmental authority, and compulsory licenses, thereby retaining sufficient policy space for the government. The BIT defines the core elements of the Treatment of Investment, aligning with customary international law, and includes provisions on national treatment, expropriation, and transfers. It also focus on matter related to removal of Most Favored Nation (MFN) clause, general and security exceptions and calibrated investor-state dispute settlement. "The BIT balances the investor rights with the sovereign regulatory powers of both countries, and reflects a shared commitment to create a resilient and transparent investment climate. It is expected to further encourage cross-border investments and deepen economic cooperation between India and Kyrgyzstan," the Ministry of Finance said.
Times of Oman
5 days ago
- Business
- Times of Oman
Kyrgyz FM Kulubaev arrives in New Delhi ahead of India-Central Asia Dialogue
New Delhi: Zheenbek Kulubaev, Foreign Minister of the Kyrgyz Republic, arrived in New Delhi on an official visit to participate in the fourth meeting of the India-Central Asia Dialogue, scheduled for June 6. Randhir Jaiswal, the Official Spokesperson for the Ministry of External Affairs, posted on X: "Welcome to India, FM Zheenbek Kulubaev of the Kyrgyz Republic. FM Zheenbek Kulubaev is on an official visit to India to participate in the 4th meeting of India-Central Asia Dialogue." Kulubaev is among the five visiting Foreign Ministers from Central Asia who will attend the Dialogue hosted by India's External Affairs Minister S Jaishankar. The visiting ministers will also take part in the India-Central Asia Business Council meeting on June 5, organised by the Ministry of External Affairs in collaboration with FICCI. Since the establishment of diplomatic relations in 1992, India and the Kyrgyz Republic have exchanged several visits at a high political level. PM Modi has had visits to the Kyrgyz Republic recently in June 2019, with one earlier in July 2015. The India-Central Asia Dialogue, launched in Samarkand in 2019, is a key ministerial platform aimed at strengthening ties between India and the Central Asian countries - Kazakhstan, Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan. The earlier editions of the Dialogue have focused on regional security, counter-terrorism, connectivity, and economic cooperation. This year's meeting is expected to build on those priorities, with discussions on trade, infrastructure, technology, and joint development initiatives. India shares centuries-old cultural and historical connections with the Central Asian region. Buddhism spread from India through Tibet to Central Asia, leaving a spiritual legacy visible at key sites such as Kara Tepe, Fayaz Tepe, and Adzhina Tepe. Indian monks helped translate scriptures and establish monasteries across the region, forming the early basis of engagement. Following the independence of the Central Asian countries after the breakup of the Soviet Union, India was among the first to establish diplomatic ties in 1992. Over the years, relations have expanded to include strategic partnerships - signed with all five countries except Turkmenistan - as well as collaboration in defence, education, and development. Prime Minister Narendra Modi's visit to all five Central Asian nations in 2015 gave a major boost to bilateral ties. His participation in successive Shanghai Cooperation Organisation summits in Tashkent, Bishkek, and Samarkand further reinforced India's outreach. The first India-Central Asia Summit, held virtually in January 2022 and attended by the Presidents of all five nations, led to the adoption of the Delhi Declaration, institutionalising biennial summits and regular ministerial dialogues. Defence and security cooperation are core pillars of this partnership. India holds annual military exercises such as "KazInd" with Kazakhstan, "Khanjar" with Kyrgyz Republic, and "Dustlik" with Uzbekistan. Training programmes for Central Asian defence personnel and deployment of Indian military training teams have deepened military-to-military ties. India has also supported development in the region through grant-funded projects and educational exchanges. Around 6,500 ITEC training slots and 1,500 ICCR scholarships have been offered to Central Asian students and professionals. India has also built IT centres and funded infrastructure projects across the region. Despite growing cooperation, trade volumes reached a peak of USD 3 billion in 2019-20 and falling to around USD 1.2 billion in FY 2024-25. India has invited Central Asian countries to participate in initiatives like the International North South Transport Corridor and Chabahar Port development to address connectivity challenges.
Zawya
02-06-2025
- Business
- Zawya
Central Bank of Bahrain signs MoU with National Bank of the Kyrgyz Republic
Manama, Bahrain: The Central Bank of Bahrain announced the signing of a Memorandum of Understanding (MoU) with the National Bank of the Kyrgyz Republic. The MoU was signed by HE Khalid Humaidan, Governor of the Central Bank of Bahrain, and HE Melis Turgunbaev, Chairman of the National Bank of the Kyrgyz Republic. Commenting on this occasion, HE Khalid Humaidan said: "We are honored to embark on this official partnership, which represents a strategic step toward strengthening bilateral relations and expanding opportunities for the advancement of the financial services sector, contributing to the growth and prosperity of both brotherly nations. We remain firmly committed to fostering such partnerships as part of our ongoing efforts to support the financial services ecosystem and to further solidify the Kingdom of Bahrain's position as a leading global financial center."
