Kazakhstan – Jiangsu business forum: exploring new development prospects
Today, the Kazakhstan-Jiangsu Business Forum convened in China, bringing together representatives from both countries' business sectors to showcase trade, production, and investment opportunities.
The event was attended by public sector representatives and leaders of prominent Chinese companies.
The forum also welcomed the Kazakhstani delegation, led by Minister of Trade and Integration Arman Shakkaliev, consisting of domestic entrepreneurs and quasi-public sector representatives. In his address, Minister Shakkaliev underscored the mutual commitment to expanding cooperation and the aspiration to elevate economic and trade relations while bolstering trade turnover between the two states.
Efforts are underway to enhance cooperation with Jiangsu Province's leadership and business community through regionalization. Jiangsu imports goods valued at over $552 million, predominantly ferroalloys, copper, copper cathodes, propylene polymers, and various agricultural products. It presents significant export potential for Kazakhstani companies across the entire specified product line.
Sergei Salmanov, the Regional Director of the Export Credit Agency of Kazakhstan in China, delivered a presentation at the business forum. He elaborated on the Agency’s upgraded status of the national operator for non-resource export development and promotion. Sergei Salmanov also introduced new support mechanisms, notably export operation guarantees.
Guaranteeing export operations will enable Kazakhstani exporters to engage in international tenders and enhance the global presence of Kazakhstani goods and services in markets with high export demand. Moreover, this initiative will incentivize importers to provide advance payments by offering an ECA guarantee as security for payment obligations in export transactions. By obtaining the Agency’s guarantee directly, exporters can bypass the need for collateral and avoid the involvement of banks.
Collaborative efforts between Kazakhstani and Chinese trade organizations aim to bolster the volume of trade and fortify bilateral economic relations. By focusing on infrastructure development and creating favorable trade conditions, Kazakhstani enterprises can efficiently penetrate the Chinese market, offering competitive, high-quality products.
