Export Credit Agencies of Switzerland, Germany, Austria support trade with India
Oct 24, 2024
New Delhi [India], October 24 : The Export Credit Agencies (ECAs) of Germany (Euler Hermes), Austria (OeKB), and Switzerland (Swiss Export Risk Insurance SERV), together with the Swiss Business Hub India and Switzerland Global Enterprise, organized a conference in New Delhi on October 24, 2024.
Minister of Road Transport & Highways of India, Nitin Gadkari, delivered the keynote address. The objective of the conference was to inform Indian companies, banks, and government institutions about the benefits of working with an ECA.
The Indian economy is growing at a rapid pace. This offers enormous opportunities for investment and cooperation. India's dynamic economic development creates an attractive environment for export-oriented companies. The state export credit agencies Euler Hermes (Germany), OeKB (Austria) and SERV (Switzerland) offer comprehensive support to make the most of this potential through local partnerships.
During the conference, Indian companies, banks, and government institutions had the opportunity to learn about export promotion instruments firsthand when sourcing Austrian, German and/or Swiss goods or services - or when working with contractors from these countries. Face-to-face meetings explored largely untapped financing opportunities provided by the three ECAs for projects in India.
In times of increased global risks and geopolitical uncertainties, this is of particular importance. The three ECAs work strongly together and have joined forces to promote trade and investment. Through their financial instruments and expertise, Indian exporters have been able to tap into European markets, while European companies have benefited from the dynamic Indian market.
In recent years, ECA financing options have been increasingly utilised in India, but there is still significant potential. Securing long-term projects through an ECA offers a number of advantages.
These include reducing the cost of financing by using ECA financing, companies can reduce their average cost of debt, increased international presence since ECAs incentivise international banks to expand their presence in India and enter into partnerships.
Other advantages include climate protection, supporting green projects through ECAs helps combat climate change and promotes sustainable economic transformation, and the promotion of sustainable projects such as renewable energy, sustainable infrastructure and green technology projects, and strengthening international trade by providing finance, and access to key markets.
These benefits show how important ECAs are for the development of sustainable and future-proof projects that both strengthen trade and promote climate protection
