Kazakh bank eyes entering Azerbaijani market
By Sara Israfilbayova
The Kazakh Eurasian Bank JSC is interested in entering the Azerbaijani market.
Chairman of the Management Board of the Bank Pavel Loginov told Trend that the speedy implementation of the conditions under the program of recovery are the priority tasks for the Eurasian Bank at the moment.
“Last year we adopted a new development strategy, according to which we shifted the focus to the retail business. We see great potential in the development of this direction, therefore, first of all, we want to put the new model “on the rails” within the country and only then will be able to conquer new markets,” said Loginov.
Loginov noted that among foreign countries, the bank is seriously studying the prospect of entering the market of Uzbekistan and the business model with which it will enter this country, adding that the bank wants to understand in what form it will enter this market.
“Later, we will begin to study the possibilities of entering the markets of Kyrgyzstan and Azerbaijan. We have not abandoned our plans to expand into these markets, but it is important to understand that these are investments that should pay off in certain period of time. Therefore, we are looking at these markets with great interest, but we will enter them only after studying the possibilities of development in these regions,” Loginov stressed.
Today, there is a fairly well-developed legal framework between Azerbaijan and Kazakhstan in the field of economic relations, more than 25 agreements signed on investment protection, avoidance of double taxation and a host of other contracts that have a positive impact on the development of mutual trade.
Kazakhstan sells Azerbaijan mostly grain, barley, tobacco, electric equipment, rolled steel carbide, oil and hydrocarbons and natural chemical compounds. Kazakhstan plays an important role in Azerbaijan’s food security.
Meanwhile, major exports from Azerbaijan to Kazakhstan include oil products from bituminous materials, polymers of ethylene, car and machinery components, pumps and hoists of fluids, combined building construction.
Investments by Azerbaijani companies in Kazakh economy exceeded $168 million during the last 10 years.
The trade turnover between the states amounted to $116.5 million in the first half of the year, according to the State Customs of Azerbaijan.
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Sara Israfilbayova is AzerNews’ staff journalist, follow her on Twitter: @Sara_999Is
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