Kazakh Government is boosting its support for export-oriented enterprises
Kazakh Government is boosting its support for export-oriented enterprises. 500 billion Tenge will be allocated for the processing industry and non-resource exports in the upcoming years. The funds will cover concessional lending, pre-export financing and public guarantees. Kazakh enterprises will also receive assistance with marketing promotion, sales market analysis and elimination of trade barriers. According to Government officials, the financial support is annually provided to 40 exporters, while service support is provided to 400 enterprises.
RUSLAN ISKAKOV, CHAIRMAN, NATIONAL EXPORT INSURANCE AGENCY:
- During the next three years, 500 billion Tenge will be allocated to support the manufacturing industry and non-commodity exports. And from this sum, 170 billion Tenge, it’s approximately US$470 million will be allocated to Kazakh Export as a further capitalization and sovereign guarantee upon our liabilities. Our aim is to support exporters in each stage and each phase of the exporter’s cycle. For example, if exporter just enters a new market and doesn’t have a trusted buyer in a new country it’s quite risky for him to sell his products on condition of different payments. In this case, we can provide his insurance coverage.
Kazakhstan currently exports more than 800 manufacturing product categories to 113 countries. 25 export-oriented investment projects will be launched in Kazakhstan in the near future. The largest projects include the copper cable production facility with exports worth US$450 million and will export its products to the CIS countries as well as a metal smelting plant with export volumes worth US$50 million.
KAIRBEK USKENBAYEV, KAZAKH DEPUTY MINISTER OF INVESTMENTS AND DEVELOPMENT:
- Our key sales markets include China and member countries of the Eurasian Economic Union and the European Union, which account for more than 65 per cent of our exports. The non-resource exports development is aimed at building a strong and sustainable economy amid strong volatility on global resource markets. Kazakhstan exported more than 46 new product items in recent years.
Kazakhstan’s export potential grew by 31 per cent in 2017 and totalled over US$48 billion with non-resource exports totalling US$15 billion. According to the Government officials, the positive trend continues this year. The growth over the first nine months totalled 28 per cent. Kazakhstan is set to increase the non-resource exports by 1.5 times over the next three years.