KazakhExport Representative Office Has Been Opened in Uzbekistan

KazakhExport Export Insurance Company JSC (a subsidiary organization of Baiterek Holding) has opened a foreign representative office in Uzbekistan. The event was held on the threshold of the Central Asian Economic Forum.

At the presentation of the office to the business community of Uzbekistan, Ruslan Iskakov, the Chairman of the Board of KazakhExport EIC JSC, noted new opportunities for dynamic growth of mutual trade between Kazakhstan and Uzbekistan.

- We are intending to expand the presence of Kazakhstani non-commodity products in the Uzbek market. Opening of the office in Tashkent will allow providing financial and insurance support to the Kazakhstani exporters and will enable increase in the volume of enterprises’ export earnings, - Ruslan Iskakov emphasized. 

Under the insurance support of KazakhExport, the Kazakhstani exporters supply food, meat and confectionery products, building materials to the market of Uzbekistan. The demand for the Kazakhstani products leads to the expansion of the network of Uzbekistan’s partner banks. KazakhExport jointly with the Kazakhstani banks is considering projects for insuring letters of credit issued by Uzbek banks which will allow our exporters receiving payments immediately after shipment of goods, and Uzbek customers will be able to receive financing for the purchase of Kazakhstani products.

Thus, in 2018, Zharkent Starch Plant LLP, the Kazakhstani exporter, established export shipments of corn starch and molasses to Uzbekistan under the support of Asia Alliance Bank JSCB. Since the beginning of this year, a letter of credit issued by Kishlokkurilishbank JSCB in favor of Polymer Production LLP for the supply of polymer products has been insured.

On October 24, 2018, the first KazakhExport EIC JSC foreign representative office was officially opened in the Russian Federation (Kazan). By the end of 2019, it is planned to open another 7 foreign representative offices: in Russia (Moscow, Novosibirsk, Yekaterinburg), China (Xi’an and Urumqi), Tajikistan, Kyrgyzstan and Belarus.