Representatives from Uzbek and Kazakh businesses proposed establishing a joint company that would assess the reliability of counterparties for factoring within the framework of bilateral trade. The discussion on this initiative took place at the Uzbekistan-Kazakhstan Business Forum in Tashkent.
Davron Vakhabov, Chairman of the Chamber of Commerce and Industry of Uzbekistan, noted that the lack of an effective factoring mechanism remains an obstacle to trade turnover between the two states. He explained that banks require time to evaluate entrepreneurs in another country before deciding to provide factoring.
Vakhabov reported that he had raised this issue with Timur Ishmetov, Chairman of the Central Bank of Uzbekistan. According to him, one of the options under consideration is the formation of an intergovernmental commission to create a list of reliable counterparties in both countries.
Kanat Sharlapayev, Chairman of the Presidium of the National Chamber of Entrepreneurs Atameken Kazakhstan, supported this proposal. He emphasized that the problem of cross-border payments affects not only Uzbekistan and Kazakhstan but also significantly limits trade growth and influences trade with Afghanistan and Middle Eastern countries, where the parties plan to expand cooperation.
Furthermore, Vakhabov mentioned that Uzbekistan is preparing a document according to which an Uzbek bank will be able to provide factoring to exporters, with part of the interest rate being subsidized by the state. He suggested testing this mechanism as a pilot project involving 50 wheat-supplying companies.
The Experience of Kompra Company
The potential solution was presented by Gauhar Baltabaeva, CEO of the Kazakh holding company Kompra, which is part of the Dream group of companies. Baltabaeva noted that Kompra ranks first in Kazakhstan for developing IT solutions and is among the top five companies in Central Asia, with its products available in 11 countries.
She stated that the company integrates publicly available and state data sources, allowing enterprises and banks in Kazakhstan to make decisions about lending and counterparties within seconds. Baltabaeva added that they conduct checks not only on Kazakh firms but also on all foreign companies working with Kazakh entrepreneurs, including Uzbek ones. Last year alone, the company conducted over 200 such checks, and the largest banks in Kazakhstan use this company's data when making lending decisions.
Uzbekistan's Proposal
Fakhriddin Iliasov, co-founder of Marafon Group in Fergana and a member of the Council under the President of the Republic of Uzbekistan, proposed creating a joint project based on Kompra's experience. He stated: 'Gauhar knows who can receive factoring and who cannot. We would like to create an identical portal in Uzbekistan to assess the reliability of counterparties. Let us establish a joint company and then jointly propose it to the Uzbek-Kazakhstan fund so that it can decide who is entitled to factoring.'
Vakhabov immediately approved this idea, noting: 'I thought about this while we were discussing factoring. I agree.'
Specific details or the future structure of the proposed company were not discussed at the forum; the parties agreed to continue negotiations through working meetings.
