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Ch. R.S. Sarma

Visakhapatnam , Sept. 18

EXPORT Credit Guarantee Corporation Ltd (ECGC) is offering different types of customised insurance products to exporters to cater to their needs in the turbulent international situation prevailing now, Mr S. Prabhakaran, Executive Director, has said.

Mr Prabhakaran, who inaugurated the Visakhapatnam branch of the corporation here on Wednesday evening, said in an interview that ECGC was presently offering six types of export insurance products — transaction-wise, buyer-wise and contract-wise - to suit the individual exporter and also offering premium concessions based on volume.

He said the Visakhapatnam office would cover the four districts of Srikakulam, Vizianagaram, Visakhapatnam and East Godavari and it had within its jurisdiction the two ports of Vizag and Kakinada. He said Visakhapatnam was the thirty-third branch and another branch was also opened at Jodhpur on Wednesday, taking the total number to 34. Of these, Chandigarh, Rajkot, Noida, Jodhpur and Vizag branches had been opened during the current financial year. ECGC was planning to open two more during the year, probably at Tuticorin and Baroda. He said the corporation had been making all attempts to adapt to market changes during the past decade and cutting down on its expenses. It was only expending 10 per cent of the premium collected on administration.

During the past 46 years of its operation, the total premium collected by ECGC amounted to Rs 3,157 crore and the claims paid out to exporters to Rs 3,203 crore and the recoveries Rs 458 crore.

During 2002-2003, he said, the corporation had collected premium of Rs 370 crore and cleared claims worth Rs 447 crore. The corporation could get investment income of Rs 140 crore during the year. ECGC had a capital baase of Rs 440 crore and reserves of Rs 120 crore.

Answering a question, he said only 15 per cent of exports were being covered by the corporation and it was making all attempts to take the percentage up to 25 at least.GC,'' he added.

Earlier, Mr K. Venkataraman, Deputy Director of Marine Products Export Develop- ment Authority, said at the meeting that Andhra Pradesh was one of the major States in export of marine products, especially cultured shrimp, and the exports were routed through Visakhapatnam, Kakinada and Chennai ports.

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