The European Union Delegation to TT has announced that it has provided funding to the Export-Import Bank of TT (Eximbank) to conduct market demand testing on its current and potential new products and services. This was reported in a release from the delegation Monday.
"This testing is critical to increasing the bank's delivery of innovative trade financing solutions, in order to improve non-energy exports and international trade," the release stated.
Ambassador and head of the EU Delegation, Aad Biesebroek, stated: "The EU has long been partnering with the Government and important state agencies in TT in order to enhance the overall business and investment climate of the country. It is in an effort to foster greater innovation and competitiveness and allow businesses to take better advantage of the EU-Cariforum Economic Partnership Agreement."
Eximbank chairman John Tang Nian stated: “This initiative will complement the bank’s strategic plan for creating a sustainable competitive advantage and boost the national impact of the organisation.”
The EU believes the development of trade, if properly managed by key agencies within the export value system, represents an opportunity for the country’s growth and continued economic development.
"The Eximbank undoubtedly plays a key role in the delivery of export financing policy initiatives that seek to stimulate trade and create jobs."
Eximbank CEO Navin Dookeran stated: “This engagement demonstrates our commitment to methodological and evidence-based decision making in developing national strategies for growth, as the bank seeks to benchmark its products and services against those provided by comparable export credit agencies. This way, when we launch new offerings to the market, the probability of acceptance and impact will be increased. We look forward to working with the team from The Frankfurt School of Finance and Management on this exciting initiative!”
The EU Delegation stated that international trade remains the largest growth opportunity for businesses in both the developed and developing world.
"For this reason, the EU believes sustainable trade initiatives and understanding core competencies are essential to the growth and enhancement of the country’s export sector."