Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Improvements to Govt's export credit scheme


Improvements to Govt's export credit scheme

Changes to the Government’s Export Credit Office (ECO) scheme will help New Zealand exporters win orders, says Associate Minister of Foreign Affairs and Trade Pete Hodgson.

A review after the ECO's first year in operation has resulted in changes to the scheme and plans for a more comprehensive information campaign. Information on the scheme will be provided by workshops held in conjunction with Trade New Zealand and Industry New Zealand. The ECO will work closely with Export New Zealand to provide exporters with timely information about its products.

“Following further research and consultation with the export sector the scheme is being adjusted to give greater flexibility,” Mr Hodgson said. "There will be a higher maximum level of Crown cover available, and some of the transaction costs for exporters have been removed.

"While the ECO is shelving its short-term reinsurance product until such a time where it can meet its costs, officials are examining other short term products and will report to Cabinet by the end of the year."

The ECO was set up to provide credit insurance for exporters for new orders, or cover in high-risk markets where private sector banks and insurers did not provide insurance. During 2001-02 the ECO received inquiries regarding support for 18 transactions supporting $550 million worth of exports. By the end of the financial year none of these transactions had resulted in a guarantee, although some negotiations are still in progress.

Mr Hodgson said that while the changes announced today would expand the ECO’s pool of potential transactions, the scheme would only ever deal with a limited number of companies. This is due to the relatively small size of New Zealand exporters and export transactions, and the size of the capital goods and service market in New Zealand.

"The information campaign is particularly important, as the ECO provides new business opportunities to exporters. We need to make sure exporters are aware of what it has to offer."


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Uncanny Valley Of Tokyo 2020

For all involved, this year’s Olympic Games have called for a willing suspension of anxiety. For now at least, the displays of skill and agility have been compelling enough to muffle some of the previous misgivings about the wisdom of asking athletes from all corners of the world to converge in one place in the middle of a pandemic, and at the height of a Tokyo summer... More>>



ALSO:


 
 


Child Poverty Action Group: Poverty Burden For Children Increased Due To Government Neglect - New Report

Poverty, inequity, homelessness and food insecurity are among the burdens which increased for tamariki Māori and other children in the first year of Covid-19 - partially due to Government neglect... More>>

Government: Cabinet Accepts Turkish Authorities’ Request For The Managed Return Of Three NZ Citizens

Cabinet has agreed to the managed return of a New Zealand citizen and her two young children from Turkey, Prime Minister Jacinda Ardern announced today. The three have been in immigration detention in Turkey since crossing the border from Syria earlier this year... More>>

ALSO:

Government: Quarantine Free Travel With Australia Suspended

Quarantine Free Travel from all Australian states and territories to New Zealand is being suspended as the Covid situation there worsens, Prime Minister Jacinda Ardern and COVID-19 Response Minister Chris Hipkins announced today... More>>

ALSO:


NZUS Council: Welcomes Nomination Of Senator Tom Udall As US Ambassador To NZ

The NZUS Council welcomes the nomination of Senator Tom Udall to the role of US Ambassador to New Zealand and Samoa, NZUS Council executive director Jordan Small said... More>>

BusinessNZ: Visa Extensions Welcomed
BusinessNZ has welcomed the extension of some critical skill visa durations and changes to immigration systems to speed processing. Chief Executive Kirk Hope says move acknowledges advocacy by the hospitality sector, the BusinessNZ Network and others, and comes not a moment too soon.... More>>



Social Development: Government Initiatives Contribute To Fall In Benefit Numbers

Minister for Social Development Carmel Sepuloni has welcomed the release of the June quarter Benefit Statistics which show a continuing fall in the number of people receiving a Main Benefit... More>>


 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels