Serbian And Indian Export Credit Agencies Sign MOU

Memorandum of Understanding signed between Indian and Serbian Export Credit Agencies

The Annual Assembly of the Berne Union, held in Belgrade this year, included the signing of a memorandum of understanding between the Export Credit Guarantee Corporation of India, ECGC Ltd., and the Export Credit and Insurance Agency of the Republic of Serbia, AOFI, aimed at enhancing cooperation between Indian and Serbian export credit agencies and encouraging the growth of mutual trade in goods and services.

The Memorandum was signed on 4th October at the Embassy of India in Belgrade by ECGC Executive Director Gita Muralidhar and AOFI Managing Director Dejan Vukotić, in the presence of Indian Ambassador to Serbia H.E. Narinder Chauhan.

ECGC Ltd., originally the Indian corporation for export insurance, which is owned by the Government of India, was established in 1957 with the aim of promoting exports and providing security against credit risk and related export services. ECGC, which operates under the oversight of the Indian Ministry of Trade and Industry, offers various products for insuring against export risk in accordance with the demands of Indian entrepreneurs and the commercial banks that provide credit. The ECGC is essentially an export promotion agency that aims to improve the competitiveness of Indian exporters by providing them with insurance against credit risk.

AOFI – the agency for insuring and financing exports, is the official export credit agency of the Republic of Serbia, which was established in order to stimulate and improve export and the development of economic relations with foreign countries. AOFI strives to achieve strategic improvements of conditions for doing business within the export sector and the overall improvement of the export structure of the Republic of Serbia.

It is expected that Serbia’s attractive location, logistical advantages, the availability of qualified workers and the very active support of the Government will contribute to the growth of bilateral trade and Indian investments in Serbia.