Ministry of Trade of the Republic of Kazakhstan: state support allowed 205 Kazakh companies to reduce costs by 5 billion tenge

Published Nov 26, 2020

Tridge summary

Kazakhstan's Minister of Trade and Integration, Bakhyt Sultanov, announced at the IX Civil Forum the changes to state assistance for domestic exporters, which include updates to the reimbursement rules, simplified documentation, and new types of reimbursable costs. The government also provides preferential loans and export insurance, with over 70 exporters insured for nearly 63 billion tenge in 2020. This support has aided exports to various countries and has helped reduce exporters' costs significantly. The Ministry is also launching the 'Export Acceleration' system to boost exports and integrate Kazakhstan into new markets, with initial successes identified at the Shanghai Exhibition. The QazTrade Accelerator, which has supported 27 companies at the CIIE, is expected to increase food exports to China by about 20%, adding up to over 100 billion tenge in 2019.

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Original content

Minister of Trade and Integration Bakhyt Sultanov, at a meeting with business at the IX Civil Forum, told what kind of assistance domestic exporters can receive from the state, Kazinform MIA reports. According to the head of the department, the ministry has changed the rules for reimbursement of costs to exporters. The package of documents was optimized, the list of goods was updated and new types of reimbursable costs were introduced. Exporters also receive preferential loans and export insurance. So, in 2020 KazakhExport has insured contracts of more than 70 exporters for almost 63 billion tenge. It is expected that this level will be increased to 100 billion tenge. “The compensation helped with the supply of batteries to the UAE, flax and rapeseed to Belgium, lentils to Italy, metallurgical products to Japan. State support allowed 205 exporters to reduce their costs by 5 billion tenge (2019 - 139 entities by 3.9 billion tenge). These are the costs of transport costs, ...

Source: Agrosektor