Daijiworld Media Network - Mangalore (NR/MB)

Mangalore Jul 8: Subject to the approval of the regulator IRDA, The Export Credit Guarantee Corporation (ECGC) of India will reduce premium rates for exporters stated  the ECGC chairman and MD A V Muralidharan while speaking at the ECGC golden jubilee celebration function here on Friday, July 7.

According to him the Corporation had volunteered to reduce the premium in view of the stiff competition our exporters faced from China. This move will not only help exporters to compete with international players but will also enable India to meet its export target of US $ 160 billion in 2007-08. He informed that India had recorded total exports worth US $ 125 billion last year.

Moreover, he also stated that ECGC was planning to increase the number of its export branches from 4.700 to 7,500 all over the country. As far as the world is concerned, ECGC had on its anvil plans for overseas operations at Europe, Middle East and Africa. New branches will be opened during the current year at London (UK), Dubai (UAE), Nairobi (Kenya) or Lagos (Nigeria).

He further stated that ECGC would arrange for the sale of product under the single-window system in association with the Corporation Bank. Under this scheme all the ECGC products will be made available at the highest number of Corporation Bank branches.

Others felicitated on the occasion, for their outstanding achievements were local exporters, including Ishaq of Arch Ply N Boards, K D Thimmaiah, DGM, Aspinwal and Company Limited and AHQ Asadi, MD, Zann Commodities.