The Hindu Business Line : ECGC plans to tap `tough, but remunerative markets'

A PROPOSAL to set up a national export insurance account to facilitate credit insurance for large value exports to `difficult, but remunerative' markets is under the active consideration of the Centre, according to Dr Christy Fernandez, Chairman and Managing Director of Export Credit Guarantee Corporation of India Ltd (ECGC).

Inaugurating the branch of ECGC in Mangalore , Dr Fernandez said, "In this competitive world, we can't be satisfied with the known though comfortable markets. We have to go elsewhere to boost our trade. In this regard, we can consider venturing into the markets of Latin America, Africa, Commonwealth of Independent States, and South-East Asian countries."

There are also plans to come out with specific products for IT (information technology), BT (biotechnology) and pharmaceutical sectors.

Also, there is a plan to introduce a product for small entrepreneurs in the IT sector. Though these entrepreneurs have clients in other countries, in some cases they may not be sure of their clients. Considering this, the corporation is planning to formulate a specific product for this category, he said.

Demands are there from the pharmaceutical sector to formulate a specific scheme for them.

"We are ready to innovate and evolve products to meet the requirements of exporters," Dr Fernandez said.

Mr S. Prabhakaran, Executive Director, said the corporation was open to consider designing any tailor-made scheme to cover any additional or specific credit risks, normally not covered under its standard policies.

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