In a significant move to strengthen economic and social bonds, China has entered into a bilateral social security agreement with Kyrgyzstan. The agreement aims to promote increased economic and trade exchanges, as well as facilitate smoother interactions between personnel from both nations.
The pact was officially signed on Wednesday in Beijing by Wang Xiaoping, China's Minister of Human Resources and Social Security, and Baktiyar Aliyev, Chairman of the Social Fund of Kyrgyzstan. According to the Chinese Ministry of Human Resources and Social Security, the agreement will benefit employees of Chinese companies operating in Kyrgyzstan by exempting them from basic pension insurance contributions. Similarly, Kyrgyz companies and their employees will receive equivalent treatment as their Chinese counterparts.
Implementation of the agreement is pending the completion of domestic legal procedures by both parties, signaling a future of enhanced cooperation and mutual support. This development marks China's ongoing efforts to expand its network of bilateral social security agreements, having successfully established similar arrangements with 12 other countries since 2001, including Germany, South Korea, Denmark, and Canada.
Currently, there are approximately 70 Chinese-funded enterprises operating in Kyrgyzstan, employing nearly 3,000 Chinese nationals. The new agreement is expected to further facilitate the growth of these enterprises and encourage additional investment, thereby contributing to the economic development of both nations.
