Export Credit Agency (ECA) and state export credit agency of Slovakia Eximbanka SR signed a memorandum of understanding that defines main principles of cooperation between them in promoting export of goods and services of Ukraine and Slovakia, ECA website reports.
“By signing the Memorandum of Understanding, we are laying the groundwork for further unlocking trade and investment potential between our neighboring countries in the current difficult times. From the point of view of Eximbanka SR, the memorandum of understanding is a new impetus for a deepened partnership and strengthens our confidence in continuing cooperation in the form of concrete projects of mutual interest,” commented the event in Slovak Eximbanka SR.
According to the report, according to the State Statistics Service of Ukraine, the total trade turnover of Ukraine with Slovakia to full-scale military operations on the territory of Ukraine in 2021 was $1.84 billion. Ukraine had a positive balance in trade with Slovakia: the volume of exports was $0.93 billion while imports were $0.91 billion. Ukraine’s share of Slovakia’s imports was 0.9%.
“In 2021, we saw our trade volume grow by 20.8% ($332.2 million). Unfortunately, raw materials still remain the main export items from Ukraine to Slovakia,” notes Oksana Ocheretyana, a member of the ECA board.
These are, particularly, sales of ores, slags and ashes – 47.8% ($539.6 million), ferrous metals – 8.8% ($87.7 million), wood and wood products – 4.2% ($41.5 million).
“ECA’s task is to change that,” Ocheretianna stressed.
According to her, the Slovak market has demand for Ukrainian electric cars (in 2021, it increased its purchases by 33.1% to $90.8 million), railway locomotives (Ukrainian exports in this commodity group grew by 22.8% in 2021 to $17.1 million), Ukrainian furniture (presence of furniture manufacturers in the Slovak market during this period increased almost twice and the export volume was $9.8 million).
“Exporters of all these commodity groups can be supported by ECA within the framework of current products of the company”, says a member of ECA board.
Eximbanka SR is a state export credit agency of Slovakia, established in 1997 to promote export activities of Slovak businesses. Eximbanka SR offers a wide range of financial products: financing, credit insurance for exporters, guarantees.
As earlier reported, the ECA was established to promote export of goods (works, services) of Ukrainian origin and support exporters who are residents of Ukraine through insurance, reinsurance and provision of guarantees under contracts ensuring export development.
From January 7, 2023 the National Bank was authorized to regulate the activities of the Export Credit Agency, which has to bring it in line with the requirements established by the decree and submit documents for obtaining a license until July 7, 2023, in the manner prescribed by the regulator.
