He noted that the implementation of key infrastructure for the special financial and investment territory "Tamchi," located on Issyk-Kul, could take up to 10 years, so the introduction of essential investment mechanisms should begin now by opening a branch in the capital.
Kulov proposes the establishment of the "Bishkek International Investment Registration Center," which will be a branch of the special financial and investment territory "Tamchi" and will be able to perform functions related to financial and legal matters of the future investment zone.
Under the proposed scheme, both foreign and local investors will be able to become residents of this center with a guarantee of capital protection. To register, it will be necessary to contribute funds to an investment fund, which will be used for the development of the center's infrastructure and attracting international experts.
Economic and investment disputes are planned to be resolved based on English law with the involvement of international judges and arbitrators. Kulov suggests entering into intergovernmental agreements with countries such as the United Kingdom, Singapore, and the UAE.
He cited as examples the international financial centers operating in Dubai, Singapore, and Astana, where the English legal system and international arbitration are used, which has contributed to attracting significant volumes of investment.
In Kulov's opinion, opening a branch in Bishkek will accelerate the launch of investment mechanisms, attract international banks and fintech companies, as well as strengthen investor confidence and prepare the legal framework for the full launch of the special financial and investment territory "Tamchi."
He also added that such a center could serve as a signal for the return of domestic capital and increase the trust of foreign investors.
In his view, the establishment of the branch could be accomplished within one year, provided that a special law is adopted, the jurisdiction of English law is defined, and international arbitration is created. The financing of the center is expected to come from registration and arbitration fees, as well as the provision of service offerings.
