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News

24.07.2012

Ministry of Economic Development of the Russian Federation and EXIAR to implement measures to promote Russian exports

The Ministry of Economic Development of the Russian Federation and the Russian Agency for Export Credit and Investment Insurance (EXIAR) have signed a Cooperation Agreement.

The document was signed by Minister Andrei Belousov, and CEO of EXIAR Peter Fradkov.

Under the agreement, both organisations will closely cooperate on drawing up and implementing measures aimed at supporting and developing foreign trade.

Both parties expressed their intent to organise and hold events (including joint events) involving Russian trade missions abroad to promote investment and the export of Russian goods in foreign markets.

The exchange of information on measures to stimulate investment and exports of goods (including the insurance of export credits and investments to cover against commercial and political risks) also forms part of the agreement.

In addition, the Ministry of Economic Development and EXIAR will cooperate on providing mutual expert assistance and advice.

The implementation of the agreement will help to establish a comprehensive support system for exports, create a favourable climate for accessing Russian goods, investment, and services abroad, and also encourage cooperation between Russian and foreign partners in international trade.

The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in October 2011. EXIAR’s mission is to support Russian high-tech exports by insuring export credits against commercial and political risks, as well as Russian investments abroad against political risks. EXIAR’s sole shareholder is Vnesheconombank. The Agency’s charter capital is RUB 30 billion (approx. USD 1 billion).