KazakhExport Export Insurance Company and Euler Hermes, a global leader in export credit insurance, have entered into a memorandum of understanding, marking the beginning of their collaboration.
The primary objective of this partnership is to foster and facilitate trade between Kazakhstan and Germany. It aims to enhance bilateral relations by sharing best practices, exchanging information about key regions and sectors of mutual interest, collaborating on underwriting methods, and exploring opportunities in export financing.
Kuanysh Mukazhanov, Deputy Chairman of the Board of KazakhExport, expressed enthusiasm about strengthening ties with German partners: "The signed memorandum will facilitate the expansion of business connections, yielding advantages for both the Kazakh and German economies. Moreover, we recognize significant potential in establishing cutting-edge, export-oriented production in Kazakhstan through the importation of technologies and expertise from Germany, employing the exemplary practices of Euler Hermes."
Mukazhanov also acknowledged that KazakhExport has already supported Kazakh exports to Germany and anticipates more such projects following the memorandum's signing.
Felix Brucher, Director of International Business Development at Euler Hermes, expressed delight in continuing their collaboration with KazakhExport to support exporters from both Germany and Kazakhstan using industry best practices.
As part of the agreement, KazakhExport and Euler Hermes delegations engaged in several bilateral meetings in a business-to-business (B2B) format. It's worth noting that the signing ceremony occurred during the "25th Day of the German Economy in Kazakhstan" conference, jointly organized by the German Economy in Central Asia Office and the Union of German Economy in Kazakhstan.
It's worth recalling that since 2016, KazakhExport has supported over 200 exporters with a total value exceeding 870 billion tenge. These supported enterprises operate across vital sectors of the economy, including food and chemical industries, mechanical engineering, agriculture, metallurgy, and more. Export destinations encompass countries such as Uzbekistan, Russia, Afghanistan, Kyrgyzstan, Tajikistan, China, Turkmenistan, Azerbaijan, Lithuania, Ukraine, Belarus, Italy, Turkey, and many others.
KazakhExport EIC JSC, a subsidiary of Baiterek Holding, plays a pivotal role in supporting domestic non-resource exporters through various financial instruments.