Export Credit Agencies Research Articles

한중 양국 중소기업해외채권 회수제도 비교 연구

According to the Korea Trade Insurance Corporation, the amount of funds that have not yet received payment for exports in 2021 is 82 million US dollars (106.6 billion Korean won), and the total amount of accounts receivable in the past five years has reached 1.3 trillion Korean won. According to the Korea Trade Association, although the issuance scale of foreign bonds is increasing, the cumulative recovery rate is as low as around 30%. The average recovery rate of overseas accounts receivable owed by Chinese export enterprises is only 20%. Combined with a 5% export bad debt rate, it basically means that 4% of the annual export amount cannot be recovered. For small and medium-sized enterprises with weak risk resistance, cash flow is crucial for their survival. In general, there are two common ways to obtain compensation for uncollected debts: by purchasing pre export credit insurance or by seeking an ECA agency for agency recovery. The public export credit agencies (ECA) K-SURE and SINOSURE of the two countries are exploring the differences and similarities in overseas bond recovery systems, while hoping to provide better bond recovery methods for small and medium-sized enterprises and help with overseas bond recovery.

The role of international consulting in improving the international investment activity of the IT business

In wartime, the IT industry increases the provision of IT services not only in the domestic market, but also in foreign sales markets due to the increase in the export of IT products. However, there is a problem regarding the financing of foreign projects, so the purpose of the paper is to determine modern sources of financing IT business investment activities in order to enter the international sales markets of IT products and the use of international consulting as an effective management system for the development of foreign economic activities of domestic business entities in the field of IT. Such methods of scientific research as: systematization, comparison and systematic approach for finding sources of financing of international activities in the IT industry are applied; induction and deduction for the justification of preferential taxation and crediting, as well as the use of international consulting services for conducting export operations in the field of IT technologies. The modern conditions of taxation, crediting and financing of business entities are considered, which include: preferential taxation, credit programs for importers of IT products, inclusion of the IT industry in the "5-7-9" lending program, direct investment, use of crowdinvesting operations and fundraising. It is proposed to introduce a group of "small businesses and entrepreneurs" for IT enterprises and IT entrepreneurs as residents of Diya City and to create conditions for their preferential taxation. Measures have been developed to implement a special program for crediting the export of IT products through the export credit agency with the help of long-term bonds, as well as a special fund for crediting the IT business at the expense of deductions from all types of taxes and fees of Diya City residents. For the effectiveness of the proposed investment decisions, it is suggested to use the services of international consulting for the support of foreign economic activity.

ІНТЕГРАЦІЙНИЙ ПОТЕНЦІАЛ ПРОМИСЛОВОГО КОМПЛЕКСУ УКРАЇНИ

The objective of the study is to justify the need to unlock the integration potential of the industrial complex of Ukraine in the context of the implementation of the Association Agreement between Ukraine and the European Union. The industry of Ukraine is in a state of crisis. Since its independence the country has neither elaborated, nor implemented the necessary industrial strategy on the national level with the goal of intensifying capital investment in the diversification of production and promoting high-tech exports. During the transformation period a long-term trend of deindustrialization of the national economy has been observed in Ukraine, caused by the degradation of its industrial complex, as a result of which the state fell into the group of Third World countries and, finding itself in a raw material trap, secured for itself the role of a supplier of low-value-added goods. The experience of the post-war recovery of successful countries of the world (e.g. Germany, Japan, South Korea, Malaysia, Thailand, Singapore, China) demonstrated that one of the main factors of economic growth is the timely introduction of an effective state industrial policy, where a key role is played by the export-oriented processing industry. In the conditions of the Fourth Industrial Revolution, when at the global level more than 80 countries, which account for 90% of the world GDP, are increasing attention to the improvement of state industrial strategies and state industrial policies, in which they recognize the growing need for state intervention and support of industries that are critical for the national economy, Ukraine must confront the problem of increasing the effectiveness of state regulation of industrial development in order to fulfill its integration potential. A long-term strategy for the development of industry in the form of a normative document with a focus on structural development, activation of the domestic market with stable domestic demand will contribute to reducing dependence on exports and will have a positive impact on the national economy, providing jobs for citizens, additional taxes to the budget, creating added value within the country. In such a strategy, fundamental and sectoral science should occupy a prominent place for the development of Industry 4.0 technologies, which will contribute to both the formation of the national value-added chains and balanced exports thanks to the revival of export-oriented processing industry. The analysis of experts’ research results allowed to come to the conclusion that Ukraine should focus on a wide variety of instruments, e.g. war risk insurance; access to “long and cheap” money; significant simplification of connection to networks; incentives to create recycling, such as offsetting a share of capital investment through taxes or industrial parks; stimulation of domestic demand for local goods through public procurement or through government programs; stimulating the export of finished products through the Export Credit Agency, trade diplomacy, exhibition activities, etc.; modification of the tariff and customs policy to reduce the price of import of raw materials, components and some types of equipment for production with a simultaneous restriction on the export of raw materials. At the same time the share of the processing industry in the structure of the GDP of Ukraine in 2021 was about 10%, which is a critically small indicator, while in neighboring countries, like Poland, Slovakia, Turkey, this indicator is twice as high - about 20%. It should be noted that the share of the processing industry in the structure of GDP is correlated with the level of poverty in the country. Ukraine’s GDP per capita at purchasing power parity is about 14000 USD, while in the neighboring countries, this indicator is about 35000 USD, and they have achieved this level of industrial development precisely as the result of using the stimulating tools: industrial parks, development banks, export credit agencies, institutional incentives for the processing industry. One more key tool for the promotion of Ukrainian exports of more complex technological products is the conclusion of the Agreement on Conformity Assessment and Acceptance of Industrial Products (АААА, "industrial visa-free"), which provides for mutual recognition of product conformity assessment between the EU and Ukraine.

Improving Export Credit Agency Impact Through Full Faith and Credit

International trade requires sufficient, reliable, and affordable sources of financing. Export credit agencies (ECAs) fill trade finance gaps by offering financing, insurance and guarantees to provide liquidity or mitigate risks. They help to create or secure jobs in the domestic economy. However, comprehensive government support is required to create significant impact. This includes ‘full faith and credit’ of the state. In the context of public foreign trade promotion, full faith and credit is defined as an explicit, direct or indirect, irrevocable, legal commitment to accept all liabilities of an ECA as unconditional obligations of the respective government. Our policy recommendations for countries with relatively young ECAs, for example in Ukraine, Armenia, and Malawi, are to establish a full guarantee in addition to an efficient legal set-up, sufficient capital, and sound risk management of the respective agency. Without full faith and credit, policy goals of fostering economic growth through foreign trade fall short. trade promotion, trade finance, export credit, export credit agency, export-import bank, full faith and credit, government guarantee

Finance for fossils – The role of public financing in expanding petrochemicals

The petrochemicals industry (mainly plastics and fertilizer production) is expanding, despite increasing attention to the environmental impact of petrochemicals. In our paper, we explore the role public finance plays in the petrochemicals industry. We do so by mapping the public and private financial flows into large-scale petrochemical projects for the decade 2010–20 and discuss the role of public financial institutions for the development of the industry globally. Secondly, we provide a detailed analysis of the roles international and national public finance has played in enabling two prominent petrochemical projects: namely the Sadara plant in Saudi Arabia and the Surgil plant in Uzbekistan. The cases are illustrative of the dynamics of state interest and involvement in fossil fuel producing countries as well as of lending and guarantees from foreign export credit agencies (ECAs) and development finance institutions, and how such public finance plays an important role in leveraging private finance. Our findings show how public finance for petrochemicals is highly globalized and to a large degree originates in developed countries. As petrochemical industrial infrastructures are designed to last decades, the public finance thus strongly contributes to the carbon lock-in of the sector and limits the possibilities for low-carbon investments needed to comply with the UN Paris Agreement.

Innovations in foreign trade management under pre-war neo protectionism conditions

Methods. To study the risks of neo protectionism for Ukrainian exporters there has been used the following methods: analysis and synthesis, induction and deduction – to identify prerequisites for the formation of neo protectionism in the conditions of globalization. The statistical methods have been used to develop the model of the dependence of the export of products (goods and services) on the indirect methods of neo protectionism to test the hypothesis about the influence of indirect financial support on the stimulation of exports and the creation of new jobs by exporting enterprises. Results. This study offers recommendations for overcoming the risks of foreign economic activity, in particular the relocation of jobs, changes in trade and payment balances on the example of individual countries, as well as the use of discriminatory measures against exporting firms from Ukraine. It is demonstrated that before the war, Ukrainian firms that exported their products and services to foreign markets faced fierce competition for both customers and investments. As most of the world prioritizes trade liberalization, many so-called «developed countries» suffer from the social and political consequences of the global distribution of wealth and labor, which include the movement of jobs abroad and rising unemployment. It was revealed that more and more countries are applying neo-protectionism measures to protect local markets and strengthen the competitive positions of national businesses, so the management of Ukrainian firms should take these risks into account when developing their own foreign trade strategies. Novelty. The article summarizes the arguments and counter-arguments in the framework of the scientific debate on the problem of the revival of neo-protectionism and economic nationalism in the conditions of global economic integration and trade liberalization. Innovative recommendations for minimizing threats to Ukrainian exporting firms from the policy of neo-protectionism in the foreign markets of unfriendly countries in the post-war period are proposed. Practical value. The recommendations provide for reorientation from the markets of unfriendly countries with high non-commercial risks to the markets of partner countries and insurance of commercial risks under the contract using the mechanisms of Public JSC «Export Credit Agency of Ukraine» in the post-war period. The results of the research can be useful for Ukrainian exporting firms and government bodies that regulate the foreign economic activity of trade agents that export dual-use goods.

ЭКСПОРТНО-КРЕДИТНОЕ АГЕНТСТВО SACE КАК ИНСТРУМЕНТ СТИМУЛИРОВАНИИ ЭКСПОРТА ИТАЛИИ

At the current stage of international trade development, export credit agencies, being specialized state institutions designed to support exports and investments abroad through the use of complex credit and insurance instruments, are beginning to play an increasingly dominant role in the system of state stimulation of foreign economic activity. One of the largest export credit agencies in the world, in terms of the volume of support and financial products offered, is the Italian export credit agency SACE. This article is devoted to analytical review of the activity of the Italian export credit agency SACE, which is one of the main instruments of the Italian government in the implementation of foreign economic policy and increasing the overall competitiveness of the national economy. The article considers the stages of formation, peculiarities of functioning and the key role of SACE in supporting the segment of small and medium-sized enterprises as the most important segment of the Italian economy in terms of contribution to GDP.

Mechanisms for supporting and increasing Ukraine's export potential

The article examines the main trends of export dynamics in terms of quantitative and structural indicators under martial law. It emphasizes that the formation of an effective policy to stimulate the development of Ukraine’s export potential should become one of the main priorities of the economic development of the state. The main steps of export policy formation at the state level are outlined. The main positive achievements and unrealized priorities of the Export Strategy of Ukraine for 2017-2021 are identified. The article emphasizes that the lack of an established and effective export support mechanism prevents the rapid recovery and expansion of export activities. The international experience in the formation of a mechanism and the use of tools for the protection and support of exporters at the state level is shown. The strengths and weaknesses of the export support instruments used in Ukraine are outlined. Partial regulation by the state under martial law is noted as an additional destructive factor of export activity. The main tools of the export support mechanism used in Ukraine are outlined. Informational and advisory support, financial support, and development of network interaction are highlighted among the tools. The sectoral and functional focus of each tool is defined. Special attention is paid to the financial support of exporters by using the services of the Export Credit Agency (ECA). The use of the ECA tool is effective in supporting the export of high-tech products, as well as industries that are the top priority for the development of the economy. The historical features of the formation of ECA in Ukraine are outlined. The peculiarities of the functioning of the ECA and the main tools used in its work are analyzed. It is necessary to increase the quantitative and qualitative indicators of the work of the ECA, to expand the types of economic activities that are supported in the direction of increasing the share of goods with high added value. The main measures that will contribute to increasing the effectiveness of the ECA are shown, in particular, the popularization of services among exporters, an increase in the amount of financing for exporters, an increase in the authorized capital of the ECA through the involvement of international financial organizations, the issuance of debt securities, the opening of reinsurance limits abroad, and an increase in insurance limits. The article reveals that, currently, there is no formed mechanism for supporting export activity in Ukraine. However, the state of war and its negative impact on foreign economic activity significantly accelerated the process of its formation.

Improvement of mechanisms of formation and implementation the state export policy in Ukraine

It was assessment the prospects for the application of an export-oriented growth strategy in Ukraine as the basis of the economic growth strategy based on the analysis of foreign practices and achieved economic results. It has been established that the effectiveness of the implementation of the export-oriented growth strategy in our country will be successful only with the active introduction of innovative technologies in the production of goods and services due to the inflow of direct foreign investments in export-oriented sectors of the economy. The draft plan of measures for the post-war recovery and development of Ukraine was analyzed. A number of measures necessary for the implementation of the export-oriented growth strategy were identified. The institutional, financial and resource support of export activity are analyzed. It has been established that the existing network of trade support institutions in Ukraine is not able to fully ensure the proper level of effective support for Ukrainian exporters on international markets. Furthermore, the mechanism of interaction and cooperation of state export support institutions, in particular the International Trade Council under the Cabinet of Ministers of Ukraine, with other institutions in the field of international trade and enterprises of the real sector of the economy is imperfect. It was noted that the realization of export entrepreneurial potential in Ukraine is held back today not only by global factors (pandemic, war etc.), but also by internal obstacles, among which, in particular, the absence of a strategic document in the export activity of the state - the Export Strategy of Ukraine, which would cover the main principles of export policy implementation during the war and during the post-war recovery period. It has been argued the necessity to updating and actualization the Export Strategy of Ukraine, which will determine the main directions of development of Ukraine's international trade and support of export-oriented enterprises, especially small and medium-sized businesses, taking into account new challenges and prospects. It was noted that state and non-state, including with the participation of international organizations, financial and non-financial support of export activities are important tools for financial and resource support of domestic exports today. It has been argued the necessity of introducing a mechanism of insurance of investments of domestic and foreign investors against military risks in Ukraine. Measures to increase the effectiveness of the consultative and advisory activities of the International Trade Council and the financial capacity of domestic exporters, including with the participation of the Export Credit Agency, was proposed.

How “safe” is the WTO “safe haven”? A need to modernise disciplines for officially supported export credits

PurposeThis paper aims to draw attention to an urgent need for reform of the regulatory framework of the broader export credit system to ensure a new and comprehensive “safe haven” for officially supported export credits. The purpose is to analyse the complex debate on disciplines of the World Trade Organization (WTO) and the Organisation for Economic Co-operation and Development (OECD), creating a point of reference for future analysis of and debates around the “carve-out clause” of the Agreement on Subsidies and Countervailing Measures (ASCM) and a “safe haven” in a broader sense.Design/methodology/approachThis paper takes inspiration from legal, economic and political science literature on subsidies and officially supported export credits, as well as on legal documents related to the WTO and the OECD. It examines the WTO subsidy and the OECD export credits framework, focusing on main legal and economic governance aspects. Then, it gives a critical analysis how “safe” a “safe haven” in a broader sense might be, assessing frictions of and solutions for the fundamentally different set of disciplines, limitations, financial instruments not covered by OECD regulations, as well as new challenges related to climate finance.FindingsAfter assessing the challenges regarding the “carve-out clause” of the WTO subsidy framework and two tracks aiming to create a new “safe haven”, requirements for comprehensive disciplines for officially supported export credits are pointed out. Furthermore, several misunderstandings and mistakes appearing in the debate are clarified.Research limitations/implicationsDesktop research rather than empirical field work.Practical implicationsThis paper creates awareness for governments and exporters how to deal with a complex system of interrelated disciplines. The question, how “safe” a “safe haven” in a broader sense can be, has not been resolved yet. Some authors focus on the WTO disciplines not taking into account the need for an effective matching procedure of the Arrangement on Officially Supported Export Credits (the Arrangement). Furthermore, the introduction of several new pre-export financing programmes and the growing significance of climate finance-related instruments for export credit agencies creates both opportunities and challenges. This paper can serve as a reference point for the academic debate and further research. This paper also offers newcomers to the topic a comprehensive overview.Originality/valueAlthough the “carve-out clause” and the Arrangement have been much discussed, there is limited literature review structuring both existing and new aspects of the debate, assessing (dis)advantages of arguments and interpretations. This paper both adds to the corpus of literature about the ASCM, as well as the Arrangement, and takes this corpus as the object of its analysis.

Non-resource exports of developed and developing countries: Major support measures and challenges of the current stage

Aim. The presented study aims to form an objective idea of factors affecting the system of support for non-resource exports and ensuring the validity of decisions.Tasks. The authors summarize the main ways of supporting non-resource exports of developed and developing countries; analyze changes in the international regulation of export activities associated with the formation of national support systems for commodity producers; systematize major opportunities for supporting export credits.Methods. This study analyzes the practices of export credit agencies in various countries in the context of opportunities provided to foreign trade participants; identifies problem areas typical for the current stage of development of trade relations; draws attention to emerging contradictions in the field of support for national non-resources exports by countries.Results. It is shown that the participants of the Arrangement on Officially Supported Export Credits (OECD) operate in an extremely aggressive, yet increasingly unmanageable environment. To secure export contracts, both the domestic industry and the export credit agencies of the OECD member countries should enhance competitiveness by following the rules of the trading system. Otherwise, they risk upsetting the balance on the playing field and hinder sustainable development.Conclusions. The participants of the OECD Arrangement face a difficult tactical choice: either to take a strong position in support of competition both within the country and within international organizations (WTO, OECD), or to develop their own export credit programs that are not related to the OECD Arrangement. The first option, although preferable in terms of ensuring economic efficiency, long-term competitiveness, and sustainable development, may lead to a reduced role of export credit agencies.

Export credit agencies delivering finance for the green transition in times of crisis

AbstractExport credit agencies (ECAs) have an important and effective toolbox for accelerating and shaping development through financing and dealing with risk. Being a public finance provider involved in global trade and connecting with both suppliers (exporters) and buyers (governments, public buyers, and private corporations), EKF has gained insight into the perspective of the buyer, supplier and, in project finance, sponsors, of what it takes to make a deal materialise across international borders. This is a valuable insight for work with green technologies. However, to truly deliver on the green transition we need all parts of government and society to adapt in order to increase demand and supply for green solutions at a global level. Governments must also commit to constant adaptation and improvement of policies if we are to succeed in the short time we are facing. EKF has demonstrated how export credit finance can support the global expansion of wind energy and that providing financial incentives makes a difference. I believe that ECAs are ready to take up this next challenge by managing even larger risks, providing long‐term funding, and working together on improving our climate impact, which is key to achieving sustainable green development.

Export finance and the green transition

AbstractAs emissions reach record levels, governments must implement and strengthen climate policies for the global pathway to net‐zero emissions by 2050. Climate finance plays a crucial role in the net‐zero transition. It refers to local, national, or transnational financing seeking to support mitigation and adaptation actions that address climate change. Public export–import banks (EXIMs) and government export credit agencies (ECAs) are highly influential actors for climate action. Although there is no consensus among EXIMs and ECAs on how to define climate finance, 20 institutions assessed in this research give evidence that they strongly support climate‐action‐related transactions: EXIM and ECA financing, guarantees, and insurance amounted to EUR 6.7–8.4 billion in 2020, much more than estimated by the Climate Policy Initiative (CPI). However, the results also reveal that EXIM and ECA lending, guarantee, and insurance activities must rise substantially in order to contribute to climate finance volumes required by 2030 as estimated by CPI. To retain their current proportion relative to other climate finance flows, assessed institutions would need to increase their climate financing 6.8 times to up to EUR 57.4 billion by 2030.

Export credit agencies: mechanism for attraction of foreign investments to the country's economy in the conditions of globalization

Export credit agencies: mechanism for attraction of foreign investments to the country's economy in the conditions of globalization

COVID-19 pandemic: The world's export credit agencies' response to the economic downturn

Subject. This article discusses the role of export credit agencies (ECA) in dealing with the crisis caused by the COVID-19 pandemic. Objectives. The article aims to assess the effectiveness of the application of ECA's comprehensive credit and insurance tools to support foreign trade operators in the context of the COVID-19 pandemic. Methods. For the study, we used the comparative, statistical, and formal and logical methods. Results. The article describes the support measures taken by the ECA aimed at increasing the flexibility of export credit insurance conditions, increasing the availability of financing in response to the economic shock associated with the pandemic. It identifies the most relevant trends in the development of ECA during the crisis period and the key role of ECA as part of the State foreign economic policy. Conclusions. The crisis caused by the coronavirus pandemic reveals the need to strengthen ECA cooperation with private insurance companies within the framework of public-private partnerships. There is also a need to accelerate the development of ECA in the field of digitalization, which will contribute to improving service for customers, creating popular insurance products, as well as increasing the operational performance of the ECA themselves.

СІЛЬСЬКОГОСПОДАРСЬКИЙ ЕКСПОРТ УКРАЇНИ В УМОВАХ ВІЙНИ І ШЛЯХИ ЙОГО ВІДНОВЛЕННЯ

Оцінено втрати і визначено ризики для українського сільськогосподарського експорту, що виникли внаслідок блокування українських морських портів збройними силами РФ, обґрунтовано шляхи часткового відновлення сільськогосподарського експорту в умовах воєнних дій і повоєнного відродження експортних ринків. Визначено наслідки війни для зернового ринку. Встановлено, що Україна втратила можливість експортувати майже чверть обсягів зерна, призначених на експорт у 2021/22 маркетинговому році. Така ситуація тисне на світові ціни на продовольство в бік їх підвищення і несе загрозу для продовольчої безпеки країн з низькими доходами населення, залежних від імпорту продовольства. Протягом перших двох місяців воєнного вторгнення РФ уже розпочалися процеси релокації торговельних потоків на світових сільськогосподарських ринках, що в разі довготривалих воєнних дій можуть призвести до часткової втрати Україною експортних ринків. Найбільш очевидним частковим рішенням цієї проблеми є організація за допомогою країн ЄС спеціальних «зелених коридорів», які дозволять Україні експортувати продовольство через порти Балтійського моря. З метою відновлення вітчизняного експорту доцільно: 1) провести переговори щодо подальшої лібералізації торгівлі з торговельними партнерами, насамперед з ЄС та Великою Британією, з метою закріплення тимчасових торговельних преференцій, які були або, ймовірно, будуть надані українському експорту; 2) спростити процедури торгівлі з країнами ЄС і Молдовою для збільшення експорту сільгосппродукції залізничним й автомобільним транспортом; 3) підтримати діяльність Експортно-кредитного агентства в напрямі кредитування і страхування експорту переробленої сільськогосподарської продукції. Разом з тим ситуація з блокуванням сільськогосподарського експорту наочно продемонструвала вразливість сировинної експортоорієнтованої моделі сільського господарства України і зумовила необхідність її заміни на модель, спроможну забезпечити сталий розвиток сільського господарства і сільський розвиток.

Providing Export Credit Support Right: Consequences for Public Budgets

This analysis tries to address the problem of the insufficiency of premium rates used by export credit agencies. This paper aims to answer why and how states should run agencies that may create losses. We see that each supported exporter brings some other benefits to the public budget, and we try to propose how it could be measured. This paper therefore focuses on benefits and costs of the domestic economy. This analysis aims to develop a model that calculates the impacts of each supported export project. The results must be comparable between projects so that projects can be ranked and decisions made on which ones should receive support under current capacity restraints. The current state of knowledge has been analysed, and little attention has been paid to this microeconomic area of export support. The model structure also helps us understand why governments tend to maintain export credit agencies even though they may be temporarily loss-making.

Do transactions to tax havens and corruption attract officially supported export credit? Evidence from three European export credit agencies

OECD governments provide billions in export credit annually in support of national exporters to developing countries. Linked to the OECD-recommendation on anti-bribery and export credits, the research focuses on whether support of the export credit agencies is dependent on the corruption levels and so called ‘tax haven’ status of the countries to which the exports are destined. We compose a unique panel data set based on data on the export credit agencies of the United Kingdom, the Netherlands and Sweden. We find that corruption levels in the countries to which the exports are destined do not have an influence on the presence and level of export credits. Conversely, whether the destination country of the export is a ‘tax haven’ is important: British and Dutch agencies are significantly more likely to provide export credit for export transactions to tax havens than for non-tax-havens, all else being equal. This declines for the Netherlands over time. The results indicate that the chances that the United Kingdom Export Finance supports transactions with EC to a tax haven are 12 times more likely than for a non-tax haven countries, all else being equal. In the Netherlands, this is 3 times more likely. Based on the findings, we recommend that export credit agencies and their financial backers be extra vigilant in their due diligence policies, especially with respect to ‘tax havens’ and make these policies publicly available.

The role of ECA in the issue of stimulating Ukrainian high-tech exports during war

The article is devoted to the study of the problem of stimulating the production and export of high-tech products, in particular, during martial law, and the role of the Export Credit Agency (hereinafter – ECA) in this matter. As of today, the role of the state in providing favorable conditions for the promotion of hightech products in foreign markets is growing significantly. At the same time, the role of the state is not so much in direct assistance to business entities (which is quite difficult given the financial situation of the state during the war), but in the use of other effective tools and institutions designed to stimulate production and export of high-tech products. At present, the Export Credit Agency of Ukraine is considered to be such an effective institution. In connection with the above, in order to learn from the positive experience, the article analyzes the formation of this institution in other countries and its positive impact on foreign trade of such states. According to the results of the analysis, the advantages of creating and properly organizing the activities of these Export Credit Agencies for the economy of a particular country as a whole and for individual businesses. Some aspects of modern legal regulation of the Export Credit Agency in Ukraine have been studied. In addition, the changes to the current legislation in the legal regulation of ESA activities, which were adopted during the martial law in Ukraine, are highlighted and analyzed, their impact on the real stimulation of exports of Ukrainian products is predicted. Given the special importance of Ukrainian exports during the war, as well as the need to increase the supply of high value-added products, proposals were made to improve the activities of the Export Credit Agency of Ukraine in terms of ensuring and stimulating exports of high-tech products.

Grundfos partners with Denmark's Export Credit Agency to reduce risk

Grundfos has entered into an agreement with EKF, Denmark's Export Credit Agency, that will enable the Danish pump company to finance projects globally for customers with limited available funds.