Export credit agency to be established in Kazakhstan

Majilis deputies at today's plenary session adopted and sent to the Senate a draft law on ratification of the Agreement on the establishment of the Eurasian Reinsurance Company. Its establishment will contribute to the development of export-import relations of the EAEU member states and the expansion of mutual trade and trade and economic ties.

In addition, the Majilismen approved amendments on export credit agency (ECA) and promotion of exports of non-resource goods (works, services) in the first reading.

According to Acting Minister of Trade and Integration Kairat Torebayev, the ECA is planned to be established on the basis of KazakhExport. The agency will have the form of a joint-stock company with 100% state participation. It is proposed to assign specific functions, for example, insurance, reinsurance, guaranteeing and financing of export operations.

«Adoption of the law will increase the effectiveness of state support for Kazakh exporters, create new jobs by increasing export-oriented industries. It will also increase budget funds due to the increase in taxes paid by export-oriented industries and export basket», – explained in his co-report deputy Ruslan Kozhasbaev.

Details at parlam.kz.