In a significant move to enhance bilateral relations, China and Kyrgyzstan have signed a new social security agreement aimed at fostering economic and trade exchanges, as well as facilitating personnel interactions between the two nations.
The agreement was officially signed in Beijing on Wednesday by Wang Xiaoping, China's Minister of Human Resources and Social Security, and Baktiyar Aliyev, Chairman of the Social Fund of Kyrgyzstan. This collaboration underscores the commitment of both countries to strengthen their economic partnership.
Under the new agreement, employees of Chinese companies operating in Kyrgyzstan will be exempt from basic pension insurance contributions. Additionally, Kyrgyz companies and their employees will receive the same benefits as those granted to their Chinese counterparts. This reciprocal arrangement is expected to create a more favorable environment for businesses and their workforce.
The pact is set to take effect once both China and Kyrgyzstan complete their respective domestic legal procedures. This agreement is part of China's broader strategy, having signed similar bilateral social security agreements with 12 other countries since 2001, including Germany, South Korea, and Canada, all of which have yielded positive outcomes.
Currently, there are approximately 70 Chinese-funded enterprises operating in Kyrgyzstan, employing nearly 3,000 Chinese nationals. This agreement is poised to further encourage investment and economic activity, benefiting both nations through increased collaboration and mutual support.
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China-Kyrgyzstan social security agreement to boost bilateral exchange
cgtn.com
