Italy is the second largest European exporter to Kazakhstan after Germany, sixth in the world. The trend of exports from Italy to Kazakhstan is downward and, to date, total exports have decreased by 37% compared to the peak of 2009. In 2013 the exports Italian companies decreased by 8% compared to the previous year. In absolute value they amounted to EUR 731 million. The leading sector of Italian exports remains there instrumental mechanics (43,3% of total exports) followed by fashion (22,1%). The cheap imports Italian companies, down by 21% compared to the previous year, amounted to 3,7 billion, and approximately 95% of hydrocarbons and refined products. The Italian investments (FDI) they continue to be significant in the oil (ENI), finance (Unicredit) and infrastructure (Salini-Todini, RENCO and ITALCEMENTI) sectors.
Between 2010 and 2011, globally, the trade balance of Kazakhstan witnessed a strong increase in the surplus, in particular due to the variation in the prices of raw materials and energy sources. Subsequently the trend reversed, demonstrating the relative volatility of the balances and their close dependence on the prices of raw materials. A partial recovery of the surplus is expected for 2014.
- IDE are equal to about 10 billion dollars in 2013. The sector that benefits predominantly from it is that oil & gas. This sector represents more than 50% of the production of the industrial sector; according to government forecasts, annual production will grow to 120-150 million tons by 2015. The mining sector is also of considerable importance; iron reserves account for 6% of global resources. After the privatization of 2004 the agricultural sector could offer good investment opportunities.
THEeconomy it seems to be too tied to the extractive sector and the various attempts by the government to modify the weights of the various sectors on the economy have not brought significant results. In 2013 the economic performance was positive (+5% compared to the previous year) supported in particular by the growth of domestic consumption and investments. The still weak performance of the sector should be underlined real estate market fully overwhelmed by the speculative bubble of 2007-2008.
Il political context seems stable, President Nazarbayev, in office since 91, seems to enjoy widespread approval. The next elections are scheduled for 2016. The financial context is undoubtedly the most uncertain, hard hit by the global financial crisis, has also suffered the effects of excessive leverage conducted in previous years. The sector records an average level of non-performing loans equal to 30% of the total.
As far as the operating context is concerned, there is considerable openness to welcoming foreign companies, but some difficulties remain. In the Doing Business ranking Kazakhstan is ranked 77th out of 189 countries, to weigh are the lack of transparency in the application of the law and the influence of the political power on the judicial system. All American rating agencies agree to rate Kazakhstan with ratings BBB +. Same SACE assesses credit insurability conditions for sovereign risk, banking risk and private risk all in the same way: on a case-by-case basis. Beyond the uncertainty factor due to the operating context, Sace has identified interesting opportunities for our businesses.
Precisely to try to exploit them, SACE participates in the entrepreneurial mission promoted by the Ministry of Economic Development and Confindustria in Kazakhstan. The Italian insurance-financial group, so far exposed to Kazakh risk for a total of 67 million euros, is studying 500 million euro of new projects in Kazakh soil and aims to consolidate the positioning of Made in Italy in a diversified range of industrial sectors (infrastructures, mechanical technologies, agri-food and textiles).
