SACE signs two collaboration agreements with KazakhExport and Development Bank of Kazakhstan

SACE, Italy’s Export Credit Agency and insurance-financial group controlled directly by the Ministry of the Economy and Finance, specialized in supporting businesses and the national economic system, signed two Memoranda of Understanding with KazakhExport Export Insurance company and Development Bank of Kazakhstan (DBK). The agreements were formalized on the occasion of the Italian-Kazakh roundtable, part of the official visit to Italy by President Kassym-Jomart Tokayev of the Republic of Kazakhstan, organized by the Ministry of Foreign Affairs and International Cooperation.

The MoUs – signed by Alessandra Ricci, CEO of SACE, Nurlan Baibazarov, Chairman of Baiterek National Managing Holding JSC for KazakhExport and DBK – aim to enhance the collaboration between Italian and Kazakh companies, with a specific focus on fostering the growth of Made in Italy exports to Kazakhstan.

In particular, the first MoU, signed with KazakhExport - has the objective of developing commercial relations between Italy and Kazakhstan, encouraging Italian companies seeking business opportunities in Central Asia and Kazakh companies looking to enter the Italian market. The agreement also outlines SACE’s support to KazakhExport in developing new insurance and financial products as well as promoting existing business lines.

The second MoU, finalized with DBK, also aims to strengthen commercial relations between the two countries. It specifically focuses on identifying new business opportunities in key sectors, including energy, metallurgy, mining, transport, mechanical engineering sectors, and food. Based on the agreement, SACE commits to evaluating operations within a limit of 100 million euros. Additionally, both parties pledge to organize Business Matching events that will bring together Italian and Kazakh counterparts to facilitate collaborations and partnerships.

Kazakhstan stands out as a rapidly expanding market for Italian exports, experiencing a notable growth of +31.1% in the initial ten months of 2023. This surge is driven by increasing sales in various sectors, including fashion (textiles, clothing, jewelry, art, and leather goods), as well as wood products, electrical appliances, and metals.