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Press Release - Inauguration of ECGC Office in London

Shri Anand Sharma, Hon'ble Minister of Commerce & Industry, Government of India, inaugurated the first overseas office of the Export Credit Guarantee Corporation (ECGC) India Limited in London on September 17, 2013. The event was attended by senior officials of ECGC and the High Commission of India in London. The event was also attended by a large number of high-level representatives from the economic and financial sector of the UK.

Hon'ble Minister of Commerce & Industry welcomed the opening of the ECGC office in London, hoping that ECGC would continue to play a significant promotional role in increasing exports from India. It was noted that given the difficult global economic situation, exacerbated by the economic and financial crises, ECGC was providing an invaluable service through assuring the much needed security and stability to an exporter while dealing with the uncertainties which are an intrinsic part of international trade.

In his remarks, Hon'ble Minister of Commerce & Industry referred to the strong fundamentals of the Indian economy, which remained resilient and continued to grow despite the global financial situation and the Euro zone crisis. Stressing that India's economy is the fourth largest in the world in terms of purchasing power parity, he highlighted the benefits accruing due to the implementation of India's Foreign Trade Policy 2009-14, at a time when the Indian economy was faced with the challenges of unprecedented volatility in commodity prices and sharply rising crude oil prices. He also spoke about India's market diversification strategy focussed on outreach to newer markets in Asia, Africa and Latin America, which was beginning to show positive results.

In conclusion, Hon'ble Minister of Commerce & Industry congratulated ECGC for the establishment of its London office, which would play an important and crucial role in providing credit insurance to Indian exports, especially at the time of a volatile global economic situation, thereby ensuring growth and stability of Indian exports and further strengthening of the Indian economy.


Shri N. Shankar, Chairman-cum-Managing Director of ECGC welcoming Shri Anand Sharma, Hon'ble of Commerce & Industry at the inauguration of the London office of ECGC on September 17, 2013


Shri N. Shankar, Chairman-cum-Managing Director of ECGC welcoming Dr. Virander Paul, Deputy High Commissioner of India to the UK at the inauguration of the London office of ECGC on September 17, 2013.


Shri Anand Sharma, Hon'ble of Commerce & Industry lighting the lamp to mark the inauguration of the London office of ECGC on September 17, 2013.


Shri Anand Sharma, Hon'ble of Commerce & Industry addressing the audience at the inauguration of the London office of ECGC on September 17, 2013.

Sep 17, 2013
 
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