21 October 2016
AsiaNews.it Twitter AsiaNews.it Facebook
Geographic areas

  • > Africa
  • > Central Asia
  • > Europe
  • > Middle East
  • > Nord America
  • > North Asia
  • > South Asia
  • > South East Asia
  • > South West Asia
  • > Sud America
  • > East Asia

  • mediazioni e arbitrati, risoluzione alternativa delle controversie e servizi di mediazione e arbitrato

    » 09/05/2012, 00.00


    For Kyrgyzstan, UAE and gold are a way out of its crisis

    Bishkek says yes to deals with the United Arab Emirates to develop its gold reserves, the country's main resource. However, tourism and services are expected to benefit from investments as well. The most profitable mines are owned by multinationals using antiquated technologies. Despite its 2,000 tonnes in gold reserves, Kyrgyzstan exports only 25 tonnes a year.

    Bishkek (AsiaNews/Agencies) - Despite its 220 active goldmines and proven gold reserves of 2,000 tonnes, Kyrgyzstan exports only 25 tonnes of gold a year. But now the landlocked former Soviet republic is attracting investors from the United Arab Emirates, whose businessmen are flocking to the Central Asian nation with technology and money to bid on gold concessions.

    After ethnic violence claimed the life of dozens of people in 2010 and led to the downfall of then President Kurmanbek Bakiyev, Kyrgyzstan is now trying to develop its most important resource, gold. However, with a territory that is 96 per cent mountainous, mines tend to be very remote. Worse still, many of them rely on antiquate, Soviet-era technology and many are foreign-owned.

    The main mine is in Kumtor, 350 km southeast of the capital Bishkek. It is owned by a Canadian company, Centerra Gold. However, the government plans to nationalise it to increase its revenues and thus cope with a serious economic crisis, major social instability and a drought in agriculture.

    "We are looking at foreign investment in gold mines where the UAE is well positioned to invest," Kubanychbek Omuraliev, Kyrgyz Consul General, told GulfNews. "A number of our mines have been tendered out for concession bids, in which UAE companies could participate."

    More than 7,000 Kyrgyz professionals already live and work in the UAE's oil fields. However, only a handful of them are businessmen are engaged in trade.

    Bilateral trade between the UAE and Kyrgyzstan reached US$ 300 million, 200 million in Kyrgyz exports and 75 million in imports of machinery and equipment.

    "The potential for two-way trade and investment between the two countries is huge and we want to expand our trade ties with the UAE," the consul said.

    For him, bilateral trade will boost the local economy, not only in gold mining but also tourism and services.


    e-mail this to a friend Printable version

    See also

    'Your weight in gold': Dubai fights obesity by offering gold to dieters
    A campaign is launched against obesity. Emirates hope to get people to go on a diet with a gramme of gold for every kilo shed.

    Record profit increase by 62 per cent for Emirate Airlines
    For the financial year 2007-08 the carrier increases annual profits to US$ 1.37 billion despite rising fuel costs. Its 114 planes carried 21.2 million passengers.

    UAE and Iran at loggerheads over three tiny Gulf islands
    Occupied by Iran the islands are located in the Strait of Homruz and have great strategic value. Iran rejects Russian mediation and international arbitration as requested by the UAE.

    Abu Dhabi’s sway over Dubai increasing at Tehran's expense
    The first plan to rescue the debt-ridden emirate is proving insufficient for many investors, but it is bringing Abu Dhabi back into the fold of the emirate federation. It is also increasing the distance with Iran, which hitherto used Dubai as a trans-shipment point to break the embargo and export its goods.

    Dubai exchange rallies after a 20-billion-dollar long-term bond programme is announced
    The measure, first of its kind, will enable the emirate to raise the necessary liquidity to meet its financial obligations. Dubai has no oil and must rely on its real estate and financial sectors to develop; both have recently suffered huge losses.

    Editor's choices

    On “Hong Kong sectors” supposedly "against Francis"

    John Mok Chit Wai

    A scholar at the Chinese University of Hong Kong, who collaborates with AsiaNews, responds to accusations against the agency and people in Hong Kong with respect to criticism of the Vatican’s diplomatic approach towards China. Religious freedom is a fundamental human right and a universal value, whether in China, Russia or the Middle East. Between "Right" and "Left", China defines itself as left, yet it practices state capitalism and unfettered capitalism just as "right-wing governments" do. Gaudium et Spes calls on the faithful to engage in politics against the "arbitrary domination by [. . .] a political party,” like in China.

    The "enemies" of Pope Francis

    Bernardo Cervellera

    The charge made against AsiaNews that we are against the Pope and in favor of Putin, is an opportunity to outline what motivates our commitment to evangelization. And also to ask for greater professionalism from those who write about the Pope. The Pope does not need public defenders. Facilitating dialogue between "conservatives" and "progressives" to realize the Council and concern ourselves with the world so that it encounters Jesus Christ. Christ’s “enemies” were also his "friends."


    AsiaNews monthly magazine (in Italian) is free.


    News feed

    Canale RSScanale RSS 

    Add to Google


    IRAN 2016 Banner

    2003 © All rights reserved - AsiaNews C.F. e P.Iva: 00889190153 - GLACOM®