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 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.
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.
A business forum took place in Tashkent between Kazakhstan and Uzbekistan, attended by representatives from over 110 large and medium-sized private companies from Kazakhstan. The event was organized as part of fulfilling the directives of the presidents of Uzbekistan and Kazakhstan aimed at increasing bilateral trade to 10 billion US dollars.
Forum participants noted that the next stage of economic interaction development should focus on deepening industrial cooperation and creating joint production of high value-added products.
The National Chamber of Entrepreneurs of Kazakhstan, "Atameken," proposed concentrating joint efforts on three main areas. These include ensuring transparent access for enterprises to raw materials and expanding industrial cooperation, digitizing transport and logistics infrastructure and customs procedures, as well as increasing mutual investments, launching joint production projects, and localizing businesses.
The Kazakh side also put forward a proposal to create a permanent expert working group and develop a joint roadmap for harmonizing tariff, raw material, and customs mechanisms.
A practical result of the forum was the signing of a memorandum of cooperation between the Uzbek company "Glasfit Energy" and the Kazakh enterprise "Armature Insulator Plant LLP." Following the forum, B2B negotiations took place, during which business representatives from Kazakhstan and Uzbekistan discussed opportunities for implementing joint projects, finding new partners, and expanding direct business ties.
Representatives of state bodies and business circles from Uzbekistan and Kyrgyzstan discussed opportunities for partnership in the field of pharmaceuticals, industrial cooperation, and joint investment projects. The event took place as part of the Uzbekistan-Kyrgyzstan Business Forum held in Bishkek.
A panel session dedicated to healthcare and pharmaceuticals was organized within this forum. During the session, a representative of the Agency for the Development of Medical and Pharmaceutical Industry of Uzbekistan presented information on the investment potential of the country's pharmaceutical sector.
Forum participants received information about current investment projects being implemented in Uzbekistan, as well as about state support measures, the investment climate, and opportunities provided by free economic zones. Furthermore, reforms aimed at developing the pharmaceutical industry were presented.
During the discussion, the parties also exchanged views on expanding cooperation between Uzbekistan and Kyrgyzstan in the field of drug production, technology transfer, and the implementation of joint initiatives.
The Minister of Foreign Affairs of Uzbekistan, Bakhtiyor Saidov, on July 27, accepted copies of the founding documents of the new Kazakh ambassador to Uzbekistan, Yaraly Tugzhanov.
During the meeting, Saidov emphasized the high level of strategic partnership and union between Uzbekistan and Kazakhstan. He noted that bilateral ties are actively developing in all spheres thanks to the trusting dialogue and the political will of the leaders of both countries.
The parties discussed issues of further increasing bilateral trade, expanding industrial cooperation, and strengthening interregional ties. Special attention was paid to accelerating the implementation of joint projects in the field of transport and logistics.
At the end of the meeting, Saidov wished Tugzhanov success in fulfilling his diplomatic mission in Uzbekistan.
