Bishkek, Kyrgyz Republic, April 22, 2015
– IFC, a member of the World Bank Group, and the Ministry of
Economy of the Kyrgyz Republic today launched a two-day peer-to-peer learning
conference to encourage regional leaders to share best practices in business
regulations and regulatory governance in an effort to spur investment,
create jobs, and boost growth.
IFC is working to help countries in Europe and Central Asia strengthen
business operations by improving implementation and adopting new reforms.
As part of those efforts, the Bishkek conference welcomed executives, officials,
and experts from the region and beyond to analyze the key challenges in
regulatory governance and consider solutions.
“Making business regulations transparent and efficient helps businesses
launch, create new jobs, and grow,” said Kylychbek Djakypov, Kyrgyz Deputy
Minister of Economy. “This is very important for the Kyrgyz Republic,
which is undertaking reforms to make the regulatory environment more business-friendly.
We are hopeful that this learning opportunity will encourage broader reforms
to further improve business regulations in our country.”
A range of problems, including poor regulatory design, inadequate implementation
efforts and institutions, and limited knowledge and capacity, often slows
the reform process, undermining economic development. These are issues
that can be addressed.
“During this conference we are exploring the links and potential synergies
between regulatory reform and the reform of governance systems, their role
and importance in ensuring public and private sectors reap the benefits
of new legislation,” said Serhiy Osavolyuk, IFC Project Manager. “We
are confident this will create a transparent and business-friendly environment,
thus increasing investment, creating jobs, and driving economic growth.”
The initiative is part of the World Bank Group’s Trade and Competitiveness
Global Practice’s Investment Climate Project, which helps the government
of the Kyrgyz Republic to streamline regulations and make the business
environment more business friendly. Specific focus areas of the project
are business inspections, investment policy and agribusiness-related regulations.
The project is made possible with financial support from the government
of Switzerland and the United Kingdom’s Department for International Development.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. Working with private
enterprises in about 100 countries, we use our capital, expertise, and
influence to help eliminate extreme poverty and boost shared prosperity.
In FY14, we provided more than $22 billion in financing to improve lives
in developing countries and tackle the most urgent challenges of development.
For more information, visit www.ifc.org.
To learn more about Swiss Assistance, please visit www.swiss-cooperation.admin.ch/centralasia.
To learn more about the UK’s Department for International Development,
please visit www.dfid.org.