The main drivers of this growth have been the development of tourism, construction, increased domestic consumption, and re-export of goods from China. The economy is also influenced by geopolitical aspects and international sanctions against Russia. Changes in taxation and investment projects in various sectors have also had a significant impact on the results of the year.
Kaktus.media has gathered the opinions of representatives of the business community on the results of 2025.
Sergey Ponomarev, President of the Markets Association of the Kyrgyz Republic, Vice President of the "Dordoy" Association
- The results of 2025 show that the economy is indeed growing, GDP has exceeded 10%, and the consolidated budget has reached over 1 trillion soms. This undoubtedly has a positive effect on the macroeconomic indicators of the country.However, we are observing a decline in export potential. This is due not only to a decrease in gold sales but also to the traditional imbalance between exports and imports. Our textile industry has faced serious difficulties since September. Re-exporters, who are of great importance to our economy, are also experiencing problems. They contribute to the budget not only through taxes but also through customs revenues.
Currently, the government is taking measures to improve the situation in the textile and light industry, including exemptions from insurance contributions. In my opinion, this is the right step, as without support for garment enterprises, they will not be able to produce goods, pay taxes, and salaries.
Overall, 2025 was marked by a reduction in social insurance contributions for employers from 17.25% to 2.25%. The introduction of cashless salary payments has also been a long-awaited solution. We hoped for an increase in social insurance collections, which in turn would help raise pensions.
Tax reform with the arrival of the new head, Almambet Shykmamatov, has become more transparent: the State Tax Service is transitioning from a punitive role to a consultative and service structure. Although we are still far from ideal, the unified tax, which we call the "simplified system," has shown good results. This simplifies business operations for entrepreneurs and reduces the burden on tax authorities.
We must not forget about the rise in inflation, which significantly affects the prices of goods. To address this issue, the Ministry of Finance and the National Bank must work together, using tools to reduce it. If the interest rate on loans rises to 11%, it will make loans more expensive and help prevent inflation.
We continue to work under existing conditions and are glad that our proposals resonate.
Zafar Sulaymanov, Head of the Fashion and Textile Association of the Kyrgyz Republic
- Objectively analyzing the last five years, it can be said that the main thing entrepreneurs expect is stability. Throughout the year, there were no particular fluctuations, but the end of 2025 came as a surprise.Some companies that started their operations in 2020 after the pandemic managed to develop and expand. There are trends where individual enterprises significantly increase their scale. However, unfortunately, at the end of the year, the situation in the industry pushed many back. This cannot be called a crisis, but the working conditions have changed - new tax, regulatory, and export requirements have emerged. This has led to some instability. But now we are gradually getting out of this situation. November was very challenging, but in December, the situation stabilized somewhat.
Yes, there have been cases of workshop closures, but work is being restored. Positive changes have emerged, such as the president's decree to reduce VAT and income tax, which should give a boost to the industry. The government is trying to act flexibly to avoid a repeat of the crisis that occurred a few years ago. I think it is necessary to think about diversifying markets for garment workers to start earning in dollars and euros.
High Technology Park
- Summarizing the results of 2025 for the IT sector and the HTP, it has indeed been a landmark year.2025 became a year of international recognition for our industry. Kyrgyzstan is increasingly mentioned on global platforms - exhibitions, forums, and in international media. IT has firmly established itself as one of the most dynamically developing export sectors of the economy.
It is important to note the political signal at a high level. In 2025, President Sadyr Japarov publicly stated the priority of technology and IT for the country during an international meeting with Donald Trump, articulating the key idea: to live in Kyrgyzstan and work for the whole world. This was an important moment for our industry, as IT entered the strategic agenda of the state not only declaratively but also publicly on the international stage.
One of the most significant steps of the year was the launch of the Digital Nomad project. In 2025, an online platform for applications was created, and the program transitioned from concept to real implementation. This is an important tool for attracting foreign specialists, returning compatriots, and positioning Kyrgyzstan as a convenient country for global remote work.
Also noteworthy is the KIT Forum - the largest IT event in the country. In 2025, the forum reached a new level: more than 10 participating countries, around 2,500 guests, and 20 foreign speakers.
For the HTP, 2025 marked a transition from a simple tax regime to a full-fledged driver of the ecosystem, including startups, exports, international connections, and human capital development.
The startup ecosystem of the HTP reached a more mature stage in 2025. Several companies showed impressive results that were previously considered exceptional for Kyrgyzstan.
ArtSkin gained international recognition: in 2025, the startup entered the top 4 out of more than 400 projects at the regional stage of TechCrunch Disrupt and was invited to participate in the global program in Silicon Valley. The team is developing solutions in the field of bionics and neurotechnology and has become one of the most notable scientific startups from Kyrgyzstan on the world stage.
The startup Loadex AI attracted $1.5 million in investments in 2025 after participating in an American accelerator and continued scaling in the US market, collaborating with logistics companies and B2B clients.
Enji AI strengthened its international presence in 2025: the product was selected for foreign acceleration programs, the team expanded cooperation with international clients, and established itself in the niche of AI solutions for productivity analytics and team management.
Notably, Kani TTS became one of the most successful AI cases of the year. In 2025, the team released an open-source text-to-speech model supporting eight languages. The project attracted significant attention from the international developer community and became an example of how a startup from Kyrgyzstan can create competitive AI products of world-class quality.
DBillions is another significant case. In 2025, the project continued its global growth: DBillions' content gathered billions of views on international platforms and earned the team several YouTube Play Buttons, solidifying the brand as one of the most recognizable digital products from Kyrgyzstan in the global children's content market.
Expectations for 2026 are related to expansion: development of infrastructure, laboratories, deep tech, and science, increasing the number of technological products, and strengthening the role of IT as one of the key sectors of the country's digital economy.
Askar Sydykov, Head of the MDS
- Speaking about achievements in entrepreneurship, one can highlight the economic growth that is being discussed everywhere. This has a positive effect on business: trade, sales, and production are increasing, new opportunities are opening up, and tax incentives and sources of preferential financing under government programs are being introduced.However, at the same time, there is a narrowing of opportunities for the private sector due to the introduction of a number of monopolies in certain types of activities. This has affected businesses where many companies invested significant resources, and now it turns out that some activities are carried out exclusively by state companies.
The reduction of opportunities raises concerns, as does the trend towards monopolization. We raised this issue last year, but this year this trend has continued, as have inspections and pressure from law enforcement agencies. We constantly receive reports from businesses on this matter.We hope that interventions by law enforcement agencies in business will cease, and the situation will improve: there will be less unreasonable pressure and inspections.
It is important to remember that inspections should be conducted by specialized bodies in a civil manner. All issues can be resolved in a civil or judicial manner. When law enforcement agencies get involved, businesses have no choice but to comply with demands. But they have the option to challenge in court to continue their activities.
We hope that businesses will focus on their work rather than attending interrogations, as this disrupts the normal process of company operations. For businesses, predictability and proper application of legislation are key.Uncertainty forces businesses to reconsider their plans, reduce investments, relocate, or postpone their intentions until better times.
It is also worth noting that in the outgoing year, some initiatives became known only after their adoption due to the reduction of the discussion period to 15 days. Businesses simply did not have time to respond. It is necessary to always leave time for expressing opinions.
Saida Nariman, Expert in Accounting and Finance
- The year 2025 was challenging, but at the same time indicative for the tax and accounting sphere of Kyrgyzstan. It was a year when the system finally moved away from the "paper past" and demanded from businesses and accountants not only knowledge but also flexibility, digital literacy, and continuous learning.The digitalization of tax administration continued. Electronic cabinets, online reporting, electronic invoices, and QR payments became common practice. For transparent businesses, this is a plus: less manual work, less subjectivity, and faster interaction with tax authorities.
The tax culture has increased. Entrepreneurs are more frequently asking questions before receiving fines. More and more businesspeople understand that an accountant is not just a "person for reporting," but a partner in managing risks and finances.
The dialogue between the government, banks, and the professional community has intensified. There are more clarifications, public discussions of changes, and educational formats. This is an important step towards making the tax system not punitive but clear and understandable.
It is also important to highlight a significant and historical shift: for the first time in the years of independence, we are witnessing the transformation of the tax service from a punitive body into a service structure - more convenient, understandable, and open to dialogue with business and the professional community.Today, the tax service demonstrates a level of openness and readiness for feedback that, unfortunately, many government agencies cannot boast of. This is an important signal for the market and the foundation for forming more mature and partnership relations between the government and taxpayers.
Unfortunately, one of the main downsides of the year was the high frequency of changes and the increased burden on businesses. Changes in tax administration, payment requirements, and new restrictions were introduced in a short period. As a result, not all entrepreneurs managed to adapt to the new rules, and even professionals working in this area almost around the clock could not always quickly study and implement all changes in practice.
It is important to understand: sustainable business growth is only possible with predictability and stability of the rules of the game. This is not news — it is a basic principle of the development of any economy. The clearer and more transparent the requirements, the faster businesses will invest and develop their activities.Another significant challenge of the year was the increase in the number of penalty situations that arose not from intentional violations but from insufficient awareness and the complexity of applying certain requirements. Many issues arose at the intersection of new rules and everyday business practices.
These changes have been most acutely felt by small and micro businesses. At the same time, most entrepreneurs are initially focused on honest tax payment. Problems are usually not related to a reluctance to comply with norms but to the fact that tax procedures remain complicated, and not everyone has the necessary qualifications or resources to seek professional help.
The third significant challenge of the year was the lack of qualified accounting personnel. The tax and financial systems are becoming more complex, while the requirements for specialists continue to grow. Today, an accountant is not just a specialist in accounting but an expert who must understand banking services, digital platforms, tax risks, and key business processes.
At the same time, the high operational burden often leaves no time and resources for systematic professional development. As a result, professional growth often takes a back seat to current work, making the issue of training and supporting personnel one of the key factors for the sustainable development of the industry.
The year 2025 vividly demonstrated that accounting has ceased to be a supporting function and has become an important element of business strategy. Accounting, taxes, and financial discipline have a direct impact on the sustainability of companies, their reputation, and access to banking instruments, as well as on growth opportunities.
The demand for training, consultations, and professional support has significantly increased. More and more companies have begun to consciously invest in accounting, realizing that tax mistakes, fines, and blockages cost businesses significantly more than the work of a qualified specialist.
It is also worth noting the broader effect. Many entrepreneurs have realized that the real growth point lies on the "white" side of taxation. This has led to a gradual exit of businesses from the shadows, increased transparency of operations, and changes in approaches to doing business.
Particular attention should be paid to the reduction of gray imports. Stricter controls and changes in rules have contributed to the ordering of the market and the creation of equal conditions for local producers. As a result, domestic producers have received incentives to work systematically, legally, and with a long-term perspective.
For accountants, 2025 has been a time of professional growth. Those who studied and adapted strengthened their positions. Those who remained in old approaches faced burnout and loss of clients.
This year has been a turning point: it was challenging, sometimes harsh, but necessary. The system is becoming more transparent, and businesses are becoming more responsible. The main conclusion of 2025 is simple: in the new conditions, those who "save on taxes" do not win, but those who know how to manage them wisely.
The material was prepared by Dilya Yusupova.
