Kyrgyzstan transfers ownership of four resorts in Issyk-Kul region to Uzbekistan

AKIPRESS.COM – Kyrgyzstan and Uzbekistan signed an agreement aimed at regulating the ownership of resorts in Issyk-Kul region of Kyrgyzstan. The agreement was signed in Tashkent on July 18, 2024 and approved by the Cabinet of Ministers on September 23, 2024.

According to the agreement, the Kyrgyz Republic transfers ownership of resorts “Zolotye Peski” in Cholpon-Ata, “Rokhat-NBU” and “Dilorom” in Kara-Oy village and partially constructed “Buston” in Ton district.

The Uzbek side has appointed the Tashkent Mechanical Plant, National Bank for Foreign Economic Activity, Asakabank and Uzpromstroibank to manage these resorts.

The Kyrgyz side undertakes to register the ownership of the resorts for subsidiaries of Uzbek companies within three months. These subsidiaries will be responsible for the further operation and reconstruction of the facilities.

Uzbekistan, in turn, undertakes to reconstruct the resorts in order to create 3-star hotels. It is also envisaged to hire Kyrgyz citizens to work at the hotels. The citizens must make up at least 80% of all workers.

The agreement also guarantees Kyrgyz citizens unimpeded access to the beaches adjacent to these hotels.

One of the key provisions of the agreement is the guarantee by the Kyrgyz side of the protection of the property rights of Uzbek organizations.

Uzbek organizations have the right to alienate the objects to third parties after the completion of reconstruction. However, the Kyrgyz Republic retains the preferential right to acquire these objects at their market value determined by internationally recognized appraisal organizations.