‘Baiterek’ Holding Enhances Business Relations with Spain

The delegation of ‘Baiterek’ Holding, headed by Deputy Chairman of the Management Board Timur Onzhanov, visited Spain on a working visit, where it participated in the 8th meeting of the Kazakhstan-Spanish Business Council. The delegation also included Marat Elibayev, Chairman of the Management Board of Development Bank of Kazakhstan JSC; Allen Chaizhunusov, Chairman of the Management Board of Export Credit Agency of Kazakhstan JSC; and Altay Kuzdibayev, Chairman of the Management Board of Kazakhstan Housing Company JSC.

The Business Council meeting brought together representatives of government agencies, businesses, and financial organizations from both countries, serving as a key platform for discussing the prospects of deepening economic cooperation between Kazakhstan and Spain.

In his speech, Timur Onzhanov emphasized the strategic importance of the partnership between the two countries:

‘Today, we stand on the threshold of new opportunities for cooperation in key areas such as investment, innovation, infrastructure development, and sustainable economic growth. Spanish businesses have strong prospects for entering the Kazakhstan market by leveraging their potential in tourism, engineering, light industry, energy, and construction. These sectors highlight mutual strengths and align with both countries’ strategic goals of economic diversification’.

During the visit, key agreements aimed at expanding investment collaboration were concluded:

• An agreement between ‘Baiterek’ Holding and Xcalibur Smart Mapping to set up a regional center for aerogeophysics and geospatial mapping in Kazakhstan, facilitating the implementation of modern technologies in geological exploration and attracting additional investment.
• A framework agreement between Development Bank of Kazakhstan JSC and Banco Santander to attract up to 400 million euros to finance infrastructure and energy projects in Kazakhstan. These funds will be used to modernize key industries and implement innovative technologies.
• A Memorandum of Understanding between the Spanish State Export Credit Insurance Company (CESCE) and the Export Credit Agency of Kazakhstan JSC, creating new opportunities to manage export risks and stimulate trade between the two countries.

María Amparo López Senovilla, where they discussed prospects for the development of industry, energy, and innovation. Both parties expressed their commitment to jointly implementing major investment projects.

Additionally, ‘Baiterek’ Holding’s delegation met with representatives of leading Spanish companies, including Banco Santander, Inditex, Pascual Calidad, Barceló Hotel Group, Ávoris, Xcalibur, Parque Tecnológico de Valdemingómez, and Innovaciones Imabe S.L.U. The discussions focused on potential areas of cooperation in investment and technology.

The working visit concluded with agreements to further strengthen the partnership, paving the way for large-scale economic initiatives and reinforcing long-term ties between Kazakhstan and Spain.