DUSHANBE, April 22, 2015, Asia-Plus – International Finance Corporation (IFC) 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.
Press release issued by IFC says 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, IFC uses its capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, it provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development.
