China has taken a significant step to strengthen its relationship with Kyrgyzstan by signing a bilateral social security agreement aimed at boosting economic and trade exchanges between the two nations.
The agreement was inked in Beijing by Wang Xiaoping, China’s Minister of Human Resources and Social Security, and Baktiyar Aliyev, Chairman of the Social Fund of Kyrgyzstan. This pact is expected to facilitate smoother personnel interactions and cooperation.
Under the new agreement, employees of Chinese companies operating in Kyrgyzstan will be exempt from basic pension insurance contributions in Kyrgyzstan, reducing duplicate payments and easing financial burdens. Similarly, Kyrgyz companies and their employees working in China will enjoy comparable benefits.
This move not only simplifies social security procedures for businesses and workers but also encourages more enterprises to invest and operate across borders, fostering closer economic ties.
The agreement will come into effect after both countries complete their respective legal formalities. It’s part of China’s broader strategy to enhance international cooperation, having already signed similar agreements with 12 other countries since 2001, including Germany, the Republic of Korea, and Japan.
According to officials, there are approximately 70 Chinese-funded enterprises in Kyrgyzstan employing nearly 3,000 Chinese nationals. This agreement will directly impact these businesses and employees, promoting a more favorable working environment.
This development signals a promising future for young professionals and entrepreneurs in both nations, opening doors to new opportunities and collaborations.
