KazakhExport has presented tools to enter foreign markets to the producers of the East-Kazakhstan Oblast
As part of the four-day working visit to the East-Kazakhstan Oblast, the representatives of the Export Insurance Company” KazakhExport JSC (KazakhExport) held meetings with the chief executives of more than 15 producing units of Ust-Kamenogorsk and Semey. In addition, based on the regional branch of the Damu Fund in Ust-Kamenogorsk, a business seminar was organized for the Oblast’s commodity producers on the subject: “State Export Support Tools”.
The Managing Director of KazakhExport Ruslan Tyulegenov visited large producing units of the Oblast including Kazzinc LLP, Ust-Kamenogorsk Mill LLP, Tandem Agro LLP (agricultural products, equipment etc.), Kazpoligraf LLP (manufacturer of packaging materials), East-Kazkahstan Flour-Combined Fodder Combine LLP, Semipalatinsk Hardware Plant LLP, Ulba Metallurgical Works JSC etc.
During the negotiations with the chief executives of the said producing units, KazakhExport’s tools aimed at supporting Kazakhstan exporters and creating equal terms of financing in relation to the exporters of similar products from other countries were presented.
“The East-Kazakhstan Oblast is one of the industrially developed regions of Kazakhstan with a diversified economy where large, medium and small enterprises of almost all sub-branches of industry are represented. The favorable geographical location of the East-Kazakhstan Oblast and the well-established transport and logistic infrastructure allowed creating favorable conditions for producers in the Oblast as related to the deliveries of products to foreign markets, in particular, to the market of the adjacent regions of Russia. In this respect, the national export promotion operator of KazakhExport is ready to offer financial and insurance support to the local producers who faced a shortage of working capital or collateral to raise a loan in a bank, and wish to insure a risk of non-payment from the importer, or to check the reliability of a potential buyer”- noted R. Tyulegenov.
As part of the free business seminar “State Export Support Tools” for businessmen of the Oblast, the KazakhExport’s representatives described the advantages of KazakhExport’s tools for the Kazakhstan product exporters of the manufacturing industry to foreign markets.
“Our main objective is to provide conditions for combining the state interests with the plans of Kazakhstan enterprises and to create a reliable export risk insurance system that would contribute to the realization of the country’s export potential”, - explained the director of the KazakhExport’s Insurance Department Kuanysh Mukazhanov during the presentation of the KazakhExport’s financial and insurance instruments.
For a majority of the seminar participants who used to work on a 100% prepayment basis, and, accordingly, had certain limitations in the geography of exports and competitiveness, the KazakhExport’s classic tools - export credit insurance based on a deferred payment (exporter’s credit insurance) and the provision of the buyers with the purchase financing without “cash deficiency” for the exporters (export trade financing).
For reference:
The Export Insurance Company “KazakhExport” JSC is a subsidiary of the “National Managing Holding Company “Baiterek” JSC. The mission of KazakhExport is to support the growth in exports of non-primary goods, works and services in priority sectors of the economy and to form the practice of financial and insurance and non-financial support of Kazakhstan enterprises. Press Service: +7 727 250 00 21 (inner 134), website www.keg.kz
The National Managing Holding Company “Baiterek” JSC was established to optimize a system of managing development institutions, financial organizations, and of developing the national economy by the RK President’s Decree. The major mission of the Holding Company is to contribute to the sustainable economic development of Kazakhstan by financing and supporting priority sectors of the economy to implement the state policy, to solve socially-oriented objectives and to achieve the goals set by the “Strategy-2050”.
