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ARMENIA: partnership in export insurance between representatives of Swiss Re and Malakut-Trade Credit Insurance

On September 4, the Minister of economic development and investments of Armenia, Artsvik MINASYAN, discussed partnership in export insurance with the chief insurance officer of Malakut-Trade Credit Insurance, Audrius ROSINAS, and Magnus NIGSCH, a Swiss Re representative, responsible for the export insurance line in Armenia, said ArmInfo.

MINASYAN stressed the need to organize the insurance process for foreign investors, including insurance against political risks. The parties also discussed issues related to structuring state-private sector cooperation with the participation of the Export Insurance Agency of Armenia, so as to stimulate export of local products to the markets of EAEU, EU, and other countries.

Armenian foreign trade turnover increased by 26.9% in 2017, while the volume of export went up by 25.2%. In 2016, foreign trade turnover increased by 7.4% due to export growth of 20%. For January-July 2018, Armenian foreign trade turnover increased by 26.8% y-o-y and the volume of export jumped by 17.3%, according to the statistics committee of the Republic. Export Insurance Agency of Armenia was established in October 2013 to stimulate exports. Its main function is to insure resident exporters (small and medium enterprises) against financial risks (losses) caused by foreign customers' failure to fulfill obligations under export contracts, wrote ArmInfo.

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