Press Release

Memorandum of Understanding between Indian and Serbian Export Credit Agencies (4^th October 2017)

During the Berne Union Annual General Meeting held in Belgrade, a Memorandum of Understanding was agreed between ECGC Ltd, a Government of India Enterprise and AOFI, Serbian Export Credit and Insurance Agency with the aim of developing cooperation between the Indian and Serbian Export Credit Agencies to increase the bilateral trade of goods and services. The MOU was signed by Mrs. Geetha Muralidhar, Chairman & Managing Director of ECGC Ltd. and Mr. Dejan Vukotic, President of the Executive Board and CEO of AOFI at the Indian Embassy in the presence of H.E. Mrs. Narinder Chauhan, Ambassador of India to Serbia on 4^th October 2017.

ECGC Ltd. (Formerly Export Credit Guarantee Corporation of India Ltd.), wholly owned by Government of India, was set up in 1957 with the objective of promoting exports from the country by providing Credit Risk Insurance and related services for exports. It functions under the administrative control of Ministry of Commerce & Industry of India and has designed different export credit risk insurance products to suit the requirements of Indian exporters and commercial banks extending export credit. ECGC is essentially an export promotion organization, seeking to improve the competitiveness of the Indian exporters by providing them with credit insurance covers.

AOFI is the official export credit agency of Serbia established for the purpose of export promotion and development of foreign economic relations. AOFI aims to create strategic improvement of business operation conditions for export economy and overall promotion of the structure of exports of Serbia.

The bilateral trade and investment flows have seen an upward trend after the visit of H.E. Mr. Aleksandar Vucic, President of Serbia (then Prime Minister) to India in January 2017. Serbia’s location, logistics advantages, availability of skilled workforce, and a very good support of the local government are expected to boost trade and investment by Indian companies in Serbia.

Place: Belgrade
Date: October 06, 2017