by Eugene Vorotnikov FoodBizDaily.com Moscow
November 18 2009 - The government Kazakhstan is interested in buying a retail chain in Russia in order to promote a wide range of Kazakh products in Russia as well some CIS countries, Russian media reports.
According to the Prime Minister of Kazakhstan Karim Masimov there is a good time to buy one of the leading Russian retail chains which are currently bearing losses caused by the recession.
"We know that there are lot good, commercial retail chains operating in the largest Russian cities, which value amid the crisis is not so high as in the past”, said Masimov.
He also added that the Kazakh government is still considering different possibilities of its Russian expansion and still has several options on the table.
According to the initial governmental plans most of the funds for the transaction will be provided by some leading Kazakh banks including the Development Bank of Kazakhstan.
"However it is desirable to find a potential bidder among the leading market players" - Massimov added.
The head of the National Economic Chamber "Atameken Union Azat Peruashev has already welcomed the proposals of Masimov. According to him the transaction will allow Kazakhstan to promote its products in Russia and abroad.