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VEB.RF Group: Russia Exports RUB91bn Worth of Goods to Kazakhstan with Support from REC in 2024

27 november 2024 года
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In the first ten months of 2024, more than 1,300 Russian companies exported over 91 billion roubles’ worth of goods to Kazakhstan with the support of the Russian Export Center Group (REC, part of the VEB.RF Group).

“Companies approach the REC Group for support at any stage of export, from searching for the first partners to insuring contracts. Exports to Kazakhstan with support from REC have already exceeded 91 billion roubles this year, or a quarter more than in the 12 month of 2023,” said Veronika Nikishina, CEO, Russian Export Center.

VEB.RF Chairman Igor Shuvalov said: “VEB.RF has been active for many years in carrying out projects to support Russian industrial exports to Kazakhstan in rail transport, infrastructure and energy. A separate important area is the development of logistics corridors located in Kazakhstan.”

“The REC Group, which includes EXIAR and EXIMBANK OF RUSSIA, with the active participation of VEB.RF, supports export projects in the mining and metal production industries. Additionally, support is highly in demand among companies in the agricultural, consumer goods, forestry, pharmaceutical and cosmetics industries and among exporters of services. The portfolio of ongoing and potential Russian-Kazakh projects with the involvement of Russian Export Center exceeds 850 billion roubles,” he added.

Russian Minister of Economic Development Maxim Reshetnikov also noted that Russia is among the top five investors in Kazakhstan and is recognised as a key trading partner of the country and as the main importer of goods with a share of almost 30 per cent. Trade between Russia and Kazakhstan reached a new high of nearly 30 billion US dollars last year. “In the first nine months of 2024, trade between the two countries grew to 20.7 billion US dollars. Our countries are now, more than ever, ready to increase and deepen cooperation,” he said.

REC also sees the potential for growth in working with Kazakhstan on projects in such sectors as water resources, electric power, rail and road transport, local technical upgrading, and urban infrastructure modernisation.

It is worth noting that REC offers over 140 services and support measures that help exporters to deal with key business issues, including increasing their international recognition under the national brand of Made in Russia. Most REC services are available on the My Export national digital platform.

In addition, VEB.RF works with its partners within the SCO Interbank Association, whose presidency is held by Kazakhstan this year, to share experience in mixed financing, public-private partnerships and other relevant areas of the banking business. Specifically, VEB.RF’s Project Financing Factory programme continues to generate strong interest among the association members.
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