How is the Food Corporation of the Republic of Kazakhstan going to attract Chinese investors to forward grain purchases?

Grains, Cereal & Legumes

Kazakhstan

Market & Price Trends

Innovation & Technology

Published Mar 29, 2024

Tridge summary

The JSC NC Food Corporation and the Chinese Jinmaisui Group Gangwei have entered into a cooperation agreement to boost the sale of Kazakh agricultural products, particularly aiming to increase the export of Kazakh grain to China. This announcement was made during the second forum of exporters of Kazakhstan and the China (Sichuan) - Kazakhstan 2024 conference in Astana. Kazakhstan has already seen a significant rise in wheat exports to China, from 130 thousand tons in 2022 to 600 thousand tons in 2023. To support this initiative, the Food Corporation is working with regional akimats to provide forward financing to farmers and is introducing a new forward purchasing mechanism with foreign investors to ensure guaranteed volumes, quality, and timely delivery of products. Additionally, the partnership encourages Chinese partners to finance Kazakh farmers for spring fieldwork, securing a guaranteed sales market for their grain.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

JSC NC Food Corporation and the Chinese Jinmaisui Group Gangwei agreed on cooperation in the sale of Kazakh agricultural products The corresponding agreements were reached in Astana during the second forum of exporters of Kazakhstan and the conference on trade and economic cooperation China (Sichuan) - Kazakhstan 2024. This event was attended by representatives of the business circles of the provinces of Sichuan and Hubei, including about 200 businessmen, as well as executives industry associations, representatives of the state and quasi-state sectors of Kazakhstan and China. The Agrosektor.kz portal reports this with reference to a message from the PKK press service. As Rustam Zhanatayev, managing director of NC Food Corporation JSC, emphasized, the importance of China as a key market for Kazakh agricultural products is growing dynamically. According to him, about 50 Kazakh farmers are already cooperating with Chinese partners. Against this background, every year the export of ...

Source: Agrosektor