Export Credit Agency of Kazakhstan and KSURE forge strategic partnership to support exporters
A Kazakhstani-Korean business forum recently convened in Astana, drawing participation from key government agencies and leading companies from both nations.
The event marked the first state visit of South Korean President Yoon Suk Yeol to Kazakhstan.
In his welcoming address, President of Kazakhstan Kassym-Jomart Tokayev underscored the strategic importance of the partnership with South Korea, highlighting that it ranks among Kazakhstan's top five investment and trade partners. Presently, over 700 South Korean companies, including industry titans such as Hyundai, KIA, Samsung, LG, and Doosan, operate within Kazakhstan, solidifying its position as a pivotal trade and economic partner for South Korea in Central Asia.
The forum facilitated fruitful negotiations, culminating in several commercial agreements between business leaders and government representatives. These accords aim to enhance and expand bilateral economic cooperation. Notably, a memorandum of understanding was signed between Export Credit Agency of Kazakhstan and Korean Trade Insurance Corporation (KSURE).
Following the forum, Export Credit Agency of Kazakhstan held a meeting with KSURE management, attended by representatives from Baiterek National Management Holding. Youngjin Jang, CEO of Korean Insurance Corporation, proposed several practical measures under the cooperation agreement. These included annual meetings between the two ECAs, initially to exchange insurance rules within existing support frameworks, and eventually to identify projects for reinsurance and co-insurance to share risks.
Aslan Kaligazin, Chairman of the Board of Export Credit Agency of Kazakhstan, expressed confidence that the memorandum would lay a foundation for synergistic and fruitful cooperation.
"Today's meeting aims to establish a solid base for productive collaboration between our ECAs. We can and must leverage our mandates to catalyze the development of export-oriented projects in Kazakhstan, stimulate mutual trade, and exchange best practices in export credit insurance," Kaligazin stated.
Notably, a new cooperation initiative, the K-Silk Road, was unveiled before the South Korean leadership's visit. This initiative aims to bolster collaboration in extracting and processing strategic resources, constructing a nuclear power plant, and developing wind and solar energy.
The agreement between the export credit agencies aligns with the K-Silk Road goals. Armana Bekbasova, Director of the International Cooperation Department at Export Credit Agency of Kazakhstan, noted that leading export credit agencies are expanding their mandates beyond traditional export support. This expansion includes instruments not tied to national exports, enabling the creation of alternative supply chains in priority import directions and providing industrial enterprises with essential resources.
The collaborative development, production, and export of metal products from Kazakhstan, such as battery nickel, are set to generate a significant multiplier effect. By leveraging Korean investments, technologies, and equipment, while adhering to sustainable development principles and best practices, Kazakhstan can enhance its global market competitiveness. Additionally, this will pave the way for exporting Kazakhstani services and production technologies worldwide.
As the first and leading export credit agency in Central Asia, Export Credit Agency of Kazakhstan boasts deep market expertise and extensive experience. With robust competencies in financial risk assessment, the Agency is a reliable partner for foreign ECAs in executing joint projects targeting exports to Central Asian countries and beyond.
Source: informburo.kz
