According to the analysis of experts from the University of Oxford, Offenburg, London, Germany and UK Export Finance, with the dynamics of international relations and the ambition to support the economy through export-oriented industries, financing is a key issue and export credit agencies (ECAs) are a key support tool.
Two main megatrends meet here: one is the destabilisation of the multilateral system of governance of international political and trade relations, which increases both political, market and credit risks.
Domestically, from the perspective of the UK in particular, but also applicable to other developed countries, the ambition is to strengthen the national economy through a pro-export policy that pursues a complicated mix of objectives: in addition to general export growth, these include inclusiveness, support for small and medium-sized enterprises, climate objectives, as well as development objectives in the countries to which exports are directed.
A key message is the growing importance and role of export credit agencies; according to the analysis , export credit agencies now play the most important role historically. They are evolving from their traditional role as a public financial institution that acted complementary to the private sector to institutions that actively create export opportunities in pursuit of a complex set of objectives in addition to providing a comprehensive range of financial products .
According to the analysis, export credit agencies should actively reflect these trends, whether in internal systems (digitalisation), in the product range as well as in the products they provide (including volume).
- ECAs need to innovate, introduce new products, and work closely with governments to ensure resilience and success in the global marketplace.
- Adapting strategies to the changing global environment is key, and export promotion, especially for SMEs, supporting climate projects, focusing on developing markets, and fostering collaborations.