Benazir Nurlanova, Deputy Minister of Economy and Commerce, announced the scale of industry support at a meeting of the Jogorku Kenesh Committee on Finance, Budget, Entrepreneurship, and Competition Development. In addition to lending, tax holidays have been introduced for the garment sector until the end of this year.

StoriesGarment industry support vs Wildberries lossesSlides: 7
  1. Garment industry support vs Wildberries losses
  2. Industry support: 529 recipient enterprises; Tax holidays introduced until the end of 2024
  3. 6.2 billion som — loans issued to garment workers
  4. 7.7 billion som — total distributed under the program
  5. «Some program participants have already been able to recoup their loans fivefold.» — Benazir Nurlanova
  6. Kyrgyz producers face unknown damages on the Russian marketplace, but no direct monetary compensation for losses is provided.
  7. What is being done. A working group is targeting major players, while SMEs receive bonuses and reduced commissions.

Financial assistance volumes

Funds were distributed through state banks and a specialized fund. According to the Deputy Minister, some program participants have already been able to recoup their loans fivefold.

Industry support indicators

6.2 billionsom issued to garment workers
529recipient enterprises
7.7 billionsom distributed under the program in total

Lending was carried out by Aiyl Bank, Eldik Bank, Keremet Bank, and the Entrepreneurship Development Fund under the Ministry of Finance.

Wildberries issues

During the discussion, MP Ulan Sariyev raised the issue of assistance to producers affected by the situation on the Russian marketplace Wildberries. The Ministry explained that a working group has been created to resolve the problem. The Ministry of Economy has provided the platform with a list of sellers, and targeted work with major players is currently underway, while small and medium-sized enterprises are being offered bonuses and reduced commissions.

However, it was not possible to determine the exact amount of losses incurred by Kyrgyz entrepreneurs. As Benazir Nurlanova explained, the data varies: some figures were obtained through surveys, while others were calculated by the marketplace itself. No direct monetary compensation for damages is provided.

Context

Benazir Nurlanova serves as the Deputy Minister of Economy and Commerce of the KR. Wildberries is a major Russian marketplace founded in 2004.