Bishkek, Nov.19, 2024. /Kabar/. Kyrgyztsan’s domestic oil supply has increased from 5% in 2020 to 30% at present, the Agriculture Ministry of the republic said.
The Ministry of Agriculture and the vegetable oil cluster signed a memorandum of cooperation. With this memorandum, the parties agreed to make joint efforts in strengthening food security, combating smuggling and counterfeit vegetable oil products, as well as the introduction of quality standards for the industry.
There are positive trends in the development of domestic production of vegetable oil.
For example, since the introduction of the 0% VAT rate on imports and supply of raw materials for vegetable oil production, the country's domestic oil supply has increased from 5% in 2020 to 30% at present. This has been made possible by a significant increase in sunflower processing and the growth in the number of processing plants, which in turn has led to the creation of new jobs and increased tax revenues.
At present, the sides intend to make joint efforts to work out the issue of exemption from VAT of additional oilseeds and unrefined oil as raw materials for the production of ready-to-consume vegetable oil.
These measures will help to increase the production of processing enterprises and increase the country's vegetable oil supply to 70% by the end of 2025-2026.