President Putin concludes visit to Kyrgyzstan; Belarus is looking for the establishment of joint venture companies in Turkmenistan; Asian Development Bank to invest US$1.6B in Kazakhstan’s economy; Russia’s Uzbekistan’s President Oslam Karimov is on a sta
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    • According to reports, President Putin has concluded his official visit to Kyrgyzstan which resulted in a number of agreements being signed. These included the decision to forego the US$ 489 million Kyrgyz debt, agreement on keeping Russian military bases on Kyrgyz territory for another 15 years after the current lease expires in 2017 and completion of the 1,900 MW Kambarata-1 Hydropower plant that was started during the Soviet era. Gazprom will also upgrade and develop the country’s oil and gas industry. 1

    Belarus Prime Minister Mikhail Myasnikovich has said that his country is interested in setting up more joint ventures in Turkmenistan. At present the two countries are jointly involved in several projects, which include the potash mining and processing factory at Garlyk. 2

    Reports noted that as part of ADB’s new country strategy partnership with Kazakhstan, it will invest US$1.6 billion into the five-year program aimed at developing the country’s economy. The program was designed to enhance competitiveness and diversity of Kazakhstan’s economy with a view to sustaining growth and creating jobs in the region’s largest economy. 3

    In other developments, according to reports, President Islam Karimov has arrived in South Korea on an official visit intended to give a boost to foreign investment in Uzbekistan. Some 350 South Korean companies have invested in excess of $5 billion in the country. These sectors include light industry and chemicals, food, commerce, and engineering, healthcare, housing, utilities, tourism and services. Total bilateral trade stood at US$ 1.6 billion. 4
    According to reports, RusHydro has agreed to construct four hydropower plants in Kyrgyzstan in a deal to cost upto US$ 425 million, estimated in the year 2009. The plant will produce 1,055 Gigawatt hours of electricity and will all be built on the Upper Naryn Cascade in the heart of the country. 5

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