BAKU, Azerbaijan, October 1. Kazakhstan’s Export Credit Agency approved a $33 million trade finance limit for Mongolia’s Trade and Development Bank today in Astana, with deals for the supply of Kazakh-made railway gondola cars worth about $21 million currently in progress.
This was reported by the Ministry of Agriculture of the Republic of Kazakhstan.
The developments were discussed during the 10th meeting of the Kazakhstan-Mongolia Intergovernmental Commission on Trade, Economic, Scientific, Technical and Cultural Cooperation in Astana.
"The development of trade finance opens up additional opportunities. Kazakhstan’s export credit agency has begun working with Mongolian banks. A limit of $33 million has been approved for the Trade and Development Bank, under which deals are being structured for the supply of Kazakhstani railway gondola cars valued at approximately $21 million," the statement of the ministry says.
The expansion of trade financing comes as Kazakhstan and Mongolia seek to strengthen practical business ties and increase direct cooperation between companies.
The 10th meeting of the intergovernmental commission brought together Kazakhstan’s Minister of Agriculture Aidarbek Saparov, Mongolian Deputy Prime Minister Nyamtaishir Nomtoibayar, government officials and business representatives from both countries.
Saparov said that the political dialogue between the two countries should translate into concrete joint projects, trade contracts and new production ties.
The sides also identified agriculture, machinery, agricultural processing, mining and metallurgy, logistics and other sectors as areas with potential for investment and industrial cooperation.
Kazakhstan’s Trade and Integration Ministry also reported that KazTrade had signed two agreements with Mongolian partners this year, including MAX GROUP and Mon-Kaz Trade & Investment Hub.
The sides are also preparing to launch a Made in Kazakhstan trading platform in Ulaanbaatar to support the presence of Kazakh products on the Mongolian market.
The intergovernmental commission adopted a final protocol outlining the agreements reached and priority areas for further cooperation.
