ArmInfo. The Minister of Economic Development and Investments of Armenia Artsvik Minasyan met on September 4 with Audrius Rosinasi, the chief insurance officer of the well-known insurance brokerage company "Malakut-Trade Credit Insurance" Magnus Nigzhet, Swiss Swiss Reinsurance Company Ltd. As the press service of the ministry told ArmInfo, the parties discussed prospects for expanding cooperation.
The Minister, greeting the guests, expressed gratitude for the assistance rendered to the work of the Export Insurance Agency of Armenia and the results achieved. A. Minasyan stressed the need to organize the process of insurance for foreign investors, incl. insurance against political risks.
M.Nigse, briefly presenting the priorities in the activity of the Swiss company Swiss Reinsurance Company Ltd, said that the insurance market of Armenia is currently being researched, expressing its readiness to assist if necessary.
The parties also discussed issues related to the format of the state-private sector, stimulating the export of local products to the markets of the EEMP, the EU and other countries, transparency of the financial flows and ongoing work.
According to the Statistics Committee of the Republic of Armenia, Armenia's foreign trade turnover increased by 26.9% in 2017, and in its structure the volume of exports has undergone annual growth of 25.2%. A year earlier, in 2016, foreign trade turnover increased by 7.4% due to growth in exports by 20%. In January-July 2018, Armenia's foreign trade turnover increased by 26.8% per annum, and in its structure the volume of exports increased by 17.3%, against growth of 26% and 21.6% respectively in the same period of a year ago.
It should be noted that CJSC "Export Insurance Agency of Armenia" was founded in late October 2013 by the decision of the government of the republic as an effective instrument to stimulate exports. The main function of the Agency is to insure exporters (small and medium enterprises) that are residents of Armenia against financial risks (losses) in cases when the foreign buyer does not fulfill its obligations under the export contract.