Dear Reader,
Over the past decade international trade has become dynamic
but yet complex. To utilize the competitive edge it is essential
to offer foreign buyers flexible payment terms, often being
prepared to trade on open account basis. Recent economic
turbulence in some of the world’s major economies proved that
even most reliable and financially sound companies can default
payments on their obligations for reasons beyond their control:
rapid currency devaluation, sanctions and administrative
enforcements, currency convertibility issues, natural disasters,
etc. Such defaults can be most painful especially to exporting
SMEs, causing significant financial distress.
An effective solution to commercial and political risks related to
the payment of foreign buyers is historically considered export
credit insurance which offers the policyholder comprehensive
protection against the risks of non-payment of their
counterparts. To fill in the gap existing on the Armenian market,
Export Insurance Agency of Armenia ICJSC was established
by the Government of Armenia in late 2013. The export credit
insurance product offered by the Agency is a cost-efficient and
reliable instrument towards safe international trade. In addition
to covering the risk of non-payment, the policy enables the
exporters to receive export factoring under preferential rates and
conditions, hence solving also the working capital requirements.
We welcome the initiative of the Armenian Marketing Association
to publish yearly export catalog, considering this an excellent
channel to deliver information about our companies and products
to different corners of the world. I hope it will become a robust
platform for a fruitful B2B marketplace.
Best Regards,
Vazgen Abgaryan, PhD
Acting Executive Director
Export Insurance Agency
of Armenia ICJSC
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