$100 million insurance guarantee welcomed

Media release
24 June 2009

Export NZ welcomes the recent announcement that the Government is extending its short-term trade credit insurance guarantee for exporters by $100 million.

“At a time a time when NZ banks need every encouragement to extend credit, this is a very enterprising move by Government. By introducing a non-cash item with the power to have a very positive effect on our trade balance at literally no cost, it’s certainly in tune with the increasing needs of exporters,”said Export NZ Chairman Ken Stevens.

“It will give New Zealand exporters a leg up on other competitor economies, and will be particularly helpful for SMEs - enabling them to retain and even build markets, knowing that payment is assured. This is a very big issue when payment cycles have drawn out some 60 days or more in many cases.”

The NZTE/Export NZ CEO Forums held around the country earlier this year, echoed the need for this type of support. CEOs attending the forums agreed that it could significantly advance their business.

“Full marks to the staff and board of NZECO for being so in touch with exporters needs. Their willingness to consult with and listen to exporters is truly appreciated.”

ENDS

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