Bishkek, Kyrgyz Republic, April 11, 2014
— IFC, a member of the World Bank Group, is helping Kyrgyz producers improve food safety practices to spur agribusiness growth and greater investment in the agricultural sector, a key engine of the country’s economy.
Today IFC brought together over 50 food businesses, industry experts, and government officials to learn international best practices in food safety. The kick-off workshop highlights the importance of food safety management systems, and how good food safety practices help companies strengthen their market positions and achieve notable results.
Employing a third of the workforce, agriculture plays a vital role in the Kyrgyz economy, yet still offers great potential for growth and investment. Improving food safety is not only important for public health, but also for the growth of the agribusiness sector, since it provides companies an opportunity to grow and enter regional and global markets.
“Knowledge sharing is important for local companies as the number of companies introducing internationally recognized food safety management systems is growing,” said Natalia Tsoi, Director of Quality at Ak Bata Limited. “Implementation of good food safety practices is an integral part of company development, helping them cut costs, become more competitive, and add new export markets.”
Martin Naegele, IFC Country Officer, said: “We are expanding our advisory work on food safety in the Kyrgyz Republic. This work builds on our experience with agribusiness firms in the region, where we have seen that internationally recognized standards open new opportunities for growth and investment.”
Supported by the Austrian Finance Ministry, IFC’s advisory work on food safety has helped attract more than $156 million of investment in over 80 IFC clients in Europe and Central Asia, generating $323 million in increased sales, in addition to greater efficiency and cost savings and improved waste and risk management and brand value.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
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