Kazakhstan is set to bring the
volume of exports of non-primary goods to $41.5 billion by 2025. The largest
share, namely more than $29 billion, is expected to account for goods, while
the rest will be made up by services. This will be facilitated by the creation
in the country of a new national development institute, an export credit agency
(ECA), which will have a special legal status and involve full state
participation. All financial instruments will be implemented through budgetary
and internal funds, as announced by Senate member Serik Shaidarov. He presented
the draft law, approved in the first reading by MPs. The amendments will expand
support measures for all domestic companies, both small and medium-sized
enterprises engaged in the production and export of high-tech processed
products. Therefore, an increase in tax revenues to the budget and the creation
of new job opportunities are expected in the near future. The novelties of the
draft law were outlined by Shaidarov on the sidelines of the Senate.
“The key novelties of the export credit
agency lie primarily in the fact that, unlike Kazakh Export’s previous focus
solely on insurance and reinsurance, the ECA will now engage in insurance and
reinsurance without falling under the insurance activities law. The organization
will work based on the civil code and the law regulating commercial activities.
Moreover, new tools for subsidizing and guaranteeing loans and export
transactions as well as reimbursement of costs for industrial and innovative
activities in the processing industry are introduced. Above all, conditional contributions
will be made for pre-export and export trade financing for these transactions,”
said Shaidarov.
