Export Credit Agency of Kazakhstan and KSURE sign memorandum of cooperation
A Kazakhstani-Korean business forum was recently held in Astana, bringing together government agencies and large companies from both countries. This event took place during the first official visit of the President of South Korea, Yoon Suk Yeol, to Kazakhstan.
In his welcoming address to participants, President of Kazakhstan Kassym-Jomart Tokayev highlighted the significance of the strategic partnership with South Korea. He emphasized that South Korea is among the top five largest investment and trade partners of Kazakhstan. Currently, over 700 South Korean companies are operating in the Kazakhstan market, including industry giants like Hyundai, KIA, Samsung, LG, and Doosan. Kazakhstan positions itself as a key trade and economic partner of Korea in Central Asia.
The forum facilitated negotiations and the signing of several commercial agreements between business representatives and government agencies. These agreements aim to enhance and strengthen bilateral economic cooperation. One of the signed documents is the Memorandum of Understanding between Export Credit Agency of Kazakhstan and Korea Trade Insurance Corporation – KSURE.
After the forum, a separate meeting was held at the office of Export Credit Agency of Kazakhstan with the participation of Baiterek National Management Holding and KSURE's leadership.
During the meeting, the head of Korea Insurance Corporation, Youngjin Jang, proposed various measures for practical interaction under the cooperation agreement. He suggested holding annual expert-level meetings between the ECAs to exchange insurance rules and discuss potential projects for reinsurance and co-insurance to mitigate risks.
Aslan Kaligazin, Chairman of the Board of Export Credit Agency of Kazakhstan, expressed confidence in the memorandum's potential to cultivate synergy and effective cooperation between the parties.
"Today's meeting aims to establish a solid foundation for fruitful cooperation between our ECAs. We must combine our efforts within our mandates to become catalysts for the development of export-oriented projects in Kazakhstan, stimulate mutual trade between our countries, and exchange best practices in export credit insurance," stated Kaligazin.
