"The existing constitution was adopted two years ago and it is early to say that this constitution is bad," he said, noting that the government has to tackle the country's economic problems first.
Bakiyev said the reform that was launched in March 2005 required a relevant economic system, powerful political parties and respect for authorities.
He also said a small group of lawyers should be the ones to draft the new constitution.
Bakiyev said the existing constitution should be amended and proposed considering the abolition of the death penalty and judicial reform.
"We should attract foreign investors, [including] Russian [companies], such as Unified Energy System, Gazprom and [our] Chinese neighbors," the president said.
Kyrgyzstan should form its "financial bodies and the banking sector, otherwise, agriculture, industry and manufacturing will not function properly," Bakiyev said.
