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Rud Pedersen, CFO of Korzinka, took part in the discussion panel of the EBRD Annual Meeting in Samarkand

Life of Korzinka

May 18, 2023

Rud Pedersen, CFO of Korzinka, took part in the discussion panel of the EBRD Annual Meeting in Samarkand

Life of Korzinka

May 18, 2023

18.05.2023, Tashkent, Uzbekistan — Rud Pedersen and other experts discussed how to overcome the underdevelopment of value chains to expand trade opportunities.


Samarkand hosted the 32nd annual meeting of the Board of Governors of the European Bank for Reconstruction and Development (EBRD).


Every year, one of the world's most important events brings together politicians, business leaders and experts to discuss measures to create a more sustainable global economy.


In 2023, the session and business forum focused on investing in resilience, an approach aimed at ensuring economic stability in times of crisis and promoting sustainable economic growth.


One of the panel discussions focused on the topic of integrating value chains to enhance trade opportunities.


Rud Pedersen, Chief Financial Officer of Korzinka supermarket chain, took part in this discussion.


Weak value chains hamper competitiveness in many emerging economies, especially in Central Asia.


Limited access to finance, insufficient infrastructure, lack of links between large companies and local suppliers, and much more lead to a whole range of challenges.


In addition, the growing importance of environmental, social and governance (ESG) standards in supply chains is putting additional pressure on suppliers.


“I’m not surprised by the fact that the key concerns are related with logistics, standards and infrastructure. Perhaps these are practical and operational issues that everyone is facing due to the disruptions in the supply chain. But also, I believe, access to finance is one of the key concerns to boost trade opportunities.”said Rud Pedersen during the discussion.


According to him, Korzinka sees the willingness of suppliers to grow with the company, but access to finance is the main challenge on this path.

  • First, companies are often faced with the fact that it’s not a simple process to go through collateralization to get access to funding.

  • Secondly, even if the collateral issue is resolved, the borrowing rate may be more than 20%. This makes the cost of the loan very high.


Rud Pedersen sees the solution to this problem in creating a supplier financing platform.


“In this case, financial institutions, when lending to suppliers, could rely on large and financially stable companies like ours,”said Korzinka's CFO.


Rud Pedersen drew attention to the fact that supplier financing is only emerging in Uzbekistan, but the level of awareness leaves much to be desired.


“As a major buyer, we have daily communication with suppliers. As it is in mutual interest to see our suppliers grow together with the company, we are playing an important role in terms of cooperating with our suppliers, making information about supplier financing available,” — said Korzinka's CFO.


Rud Pedersen noted that Korzinka would like to work with small suppliers, but there are a number of obstacles that need to be overcome.


A platform that would allow even very small businesses to easily and quickly obtain funding could help partly to solve this problem.


“As a company with a large and diverse supplier base, I believe there is demand today. From my point of view, the solution is to move on to practice by introducing specific tools that would allow us to work with suppliers regardless of their size,”said Rud Pedersen.


In general, the discussion brought together representatives of private companies, supply chain finance specialists and international experts.


The focus of the discussion was on finding solutions to the major challenges companies face as they try to better integrate into value chains.


The full discussion is available on the official EBRD YouTube channel.


For more information:

Press-service of Korzinka supermarket chain

Doniyor Rasulov

Phone: +998 78 140 14 14

E-mail: d.rasulov@korzinka.uz


About the company:

Korzinka is the leader in the retail sector in Uzbekistan. The company was founded in 1996 and currently has 110 stores in 10 regions: Korzinka supermarkets, Smart convenience stores and Korzinka Biznes wholesale store  as well as online delivery service Lebazar.