The base lease was extended after Washington agreed a $180 million payment to Bishkek and renamed the base as a transit centre to supply troops battling the Taliban in Afghanistan.
Getting Bishkek to reverse its February decision to close the base was a crucial victory for Washington, which is seeking to more than double its presence in Afghanistan by year's end to fight the Taliban insurgency.
At the memorial ceremony where few US servicemen were visible, Bakiyev said the base was his country's contribution to the fight on global terrorism.
"Over the eight years of operation of the air base in Kyrgyzstan, it has made a significant contribution to strengthening security in Afghanistan and the region as a whole," said Bakiyev.
The base was "Kyrgyzstan's important contribution to the fight against global terrorism," Bakiyev said.
Bakiyev had announced that the base would close during a visit to Moscow, just as Russia said it would offer $2 billion in crisis aid to the impoverished Central Asian ex-Soviet state. Moscow denied there was any link between the events. US Ambassador Tatiana Gfoeller said her country appreciated Bakiyev's support in the fight against terrorism.
Bakiyev and Gfoeller laid a wreath to commemorate the victims of the attacks in New York and Washington.
In August, Bakiyev also announced Russia could open a second military base in the country, indicating a struggle for influence in the country from both Moscow and Washington. Analysts say that if the security situation in Afghanistan deteriorates, it will spill over into neighbouring Central Asian countries, creating a security threat to Russia and undermining US-led efforts to stabilize the region.
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