The Minister for Trade, the Hon Simon Crean, yesterday announced an expansion of the role of the Export Finance and Insurance Corporation (EFIC) . The change to EFIC’s role, once legislated, will allow it to provide financial support to a wider range of transactions for Australian SME exporters or investers overseas, including those establishing global supply and distribution chains.
Mr Crean said the changes reflected the increasingly sophisticated role Australian businesses play in the global economy and would help them respond to the global recession.
"Australian exporters face many challenges and find it difficult to access finance for expanding their operations internationally," he said. "Expanding EFIC’s powers to better support Australian exporters will give a boost to this growing and dynamic sector of Australia’s economy."
"Australian exporters face many challenges and find it difficult to access finance for expanding their operations internationally," he said. "Expanding EFIC’s powers to better support Australian exporters will give a boost to this growing and dynamic sector of Australia’s economy."
"The 2009 EFIC Global Readiness index (GRi™) showed that access to finance continues to be the most significant barrier faced by Australian businesses going global. This expansion of EFIC’s ability to support Australian SMEs is a direct response to the globalisation of markets and the growing participation of Australian businesses in it."
"The 2009 EFIC Global Readiness index (GRi™) showed that access to finance continues to be the most significant barrier faced by Australian businesses going global. This expansion of EFIC’s ability to support Australian SMEs is a direct response to the globalisation of markets and the growing participation of Australian businesses in it."
EFIC will continue to apply rigorous due diligence and other processes when assessing transactions for its support.