Bangkok--30 Jun--EXIM Thailand
EXIM Thailand launched a new service, “ASEAN+6 : Cash and Insurance,” which combines financing with free Export Credit Insurance service, specially for exports destined for ASEAN, China, Japan, South Korea, India, Australia, and New Zealand markets. This service will increase exporters’ liquidity and offer risk protection against non-payment of goods from international buyers.
Dr. Apichai Boontherawara, President of Import-Export Bank of Thailand (EXIM Thailand), said EXIM Thailand is now ready to launch the “ASEAN+6 : Cash and Insurance” facility to Thai exporters in ASEAN and 6 other countries, which are, China, Japan, South Korea, India, Australia, and New Zealand. The service provides working capital loans through free export bill negotiation plus free Export Credit Insurance covering the risk of buyer/bank’s bankruptcy and political risks in buyer’s country. The service period extends from now until July 2011.
EXIM Thailand’s President also revealed this new service aimed to stimulate the growth of the Thai export sector amid the new opportunities offered by the ASEAN free trade zone and 6 other high-potential Asia-Pacific countries as listed above. These countries, including ASEAN, have the total trade value of 6.4 trillion US dollars or 1/4 of global trade and the total population of 3,296 million or 48.5% of the world’s population. In 2009, Thailand’s major export goods to ASEAN+6 are computers, automobiles, gasoline, circuit boards, and chemicals.
With ASEAN+6 : Cash and Insurance, exporters could negotiate their export bills with EXIM Thailand and receive cash advance instantly at full face value of export bill for use as working capital. Furthermore, EXIM Thailand provides free Export Credit Insurance coverage against buyer/bank’s non-payment of trade receivables due to bankruptcy or political reasons, such as the host country’s restriction on capital transfer to Thailand, cancellation of import permit, import prohibition, war, rioting, revolution, or coup d’?tat. Under such circumstances, EXIM Thailand would compensate the exporter at the rate of up to 50% of the value of export bills purchased, with the maximum value of aggregated claim payment of 3 million baht per exporter. For more information and service application, please contact Customer Service Center at EXIM Thailand’s Head Office tel. 0 2271 2929.
For further information, please contact Public Relations Division, Office of Top Management
Tel. 0 2271 3700, 0 2278 0047, 0 2617 2111 ext. 1140-7