New Delhi: On the 24th of October, 2024, the Export Credit Agencies (ECAs) from Germany (Euler Hermes), Austria (OeKB), and Switzerland (Swiss Export Risk Insurance SERV), in collaboration with the Swiss Business Hub India and Switzerland Global Enterprise, convened a conference in the capital of India.
The conference was graced by the presence of the Minister of Road Transport & Highways, Nitin Gadkari, who delivered the keynote address. The primary aim of the conference was to enlighten Indian companies, banks, and government institutions regarding the advantages of engaging with an ECA.
The Indian economy is experiencing rapid growth, presenting significant opportunities for investment and collaboration. This growth creates a favorable environment for companies focused on export, making India an attractive destination for businesses. The state export credit agencies from Germany (Euler Hermes), Austria (OeKB), and Switzerland (Swiss Export Risk Insurance SERV) are committed to leveraging this potential through local partnerships.
Throughout the conference, participants had the chance to gain insights into the various export promotion instruments available, particularly when sourcing goods or services from Austria, Germany, or Switzerland, or when collaborating with contractors from these nations. In-person discussions revealed largely unexplored financing opportunities provided by the three ECAs for projects in India.
In an era marked by heightened global risks and geopolitical uncertainties, the role of ECAs becomes even more critical. These agencies collaborate closely, focusing on promoting trade and investment. Through their financial resources and expertise, Indian exporters have been able to access European markets, while European businesses have benefited from India's dynamic market.
In recent years, the utilization of ECA financing options in India has increased, yet there remains considerable untapped potential. Opting for ECA financing offers several advantages, including reduced financing costs, lower average debt costs for companies, enhanced international presence, as ECAs encourage international banks to expand their footprint in India and form partnerships.
Other benefits include support for climate protection through ECAs, facilitating the financing of green projects that contribute to combating climate change and promoting sustainable economic development. Additionally, ECAs support the promotion of sustainable projects such as renewable energy, sustainable infrastructure, and green technology, and bolster international trade by providing financial support and access to key markets.
These advantages underscore the significance of ECAs in fostering the development of sustainable and future-oriented projects that not only strengthen trade but also contribute to climate protection.
