The volume of support for domestic producers exporting to Uzbekistan has amounted to 255 billion tenge since 2019 - KazakhExport | Press releases | Export insurance company «KazakhExport»

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The volume of support for domestic producers exporting to Uzbekistan has amounted to 255 billion tenge since 2019 - KazakhExport

The agreements reached between the KazakhExport National Export Insurance Company and financial institutions of the Republic of Uzbekistan open access for domestic producers to the local market. This was stated by Aslan Kaligazin, the Chairman of the KazakhExport Management Board, in an interview with Khabar 24 TV channel.

According to him, the demand for Kazakh goods is growing. Thanks to the KazakhExport's insurance support by the KazakhExport, Kazakh exporters supply cars, batteries, cable products, food, construction materials and much more to the local market.

In total, since 2019, the volume of support for domestic producers exporting to Uzbekistan has amounted to more than 255 billion tenge.

"With the insurance support of the KazakhExport, Kazakh exporters supply cars, batteries, food, construction materials and much more to the local market. Together with domestic banks, we are considering projects to insure letters of credit issued by banks of Uzbekistan, which allow our exporters to receive payment immediately after the shipment of goods, and importers – financing for the purchase of Kazakh products, " Aslan Kaligazin said.

He also added that for 9 months of 2022, the volume of support amounted to more than 65 billion tenge. It is planned to implement export transactions in the amount of about 20 billion tenge by the end of the year for such products as: insurance of short-term receivables, export lending, direct and trade financing.

The "Kapitalbank" JSCB is among the partners of the KazakhExport. According to Shakhzodbek Usmanov, head of the Trade Finance Department of the Bank, the Companies have been cooperating since 2019 on trade finance, where an Exporter receives payment immediately after shipment, and an Importer receives a comfortable deferred payment and a preferential financing rate at the Bank of the Republic of Uzbekistan under a letter of credit form of payment.

"Working with the KazakhExport gives us the opportunity to finance and lend to clients without pressure on the authorized capital. For clients – this is an opportunity to get reasonable financing rates and work with trusted suppliers in Kazakhstan», - said Sh. Usmanov.

One of the exporters to Uzbekistan is "Zharkent starch plant". With the assistance of the KazakhExport, the enterprise doubled the export of corn starch and molasses to Uzbekistan. Imports products to Uzbekistan LLP "Right to Win".

"The KazakhExport provides us with reliable partners, guarantees timely and full shipment of goods. The KazakhExport also provides financing on more favorableх terms than bank lending, - said Mahmud Yuldashev, General Director of the Right to Win LLP.

In turn, the Sunlight Food Trading LLP imports products from the Bayan Sulu JSC and the Saule Confectionery LLP from Kazakhstan. The Founder of the Company, Jaffar Monjazib, emphasized that thanks to the KazakhExport, the volume of imports has significantly increased.

“For over the five years of cooperation, we have sold the products of these two companies in the amount of 4 million US dollars,- said Jaffar Monjazib.