Cooperation agreement with China's export credit agency
The Polish Export Credit Insurance Corporation (KUKE) and the China Export & Credit Insurance Corporation (Sinosure) - the largest Export Credit Agency (ECA) in the world - signed a cooperation agreement. This opens up new trade cooperation opportunities for Polish and Chinese businesses.
The cooperation agreement with the main export credit insurance agency in the world not only is a continuation of the Polish-Chinese cooperation but also paves the way for entrepreneurs in both countries to write a new, rich chapter in their mutual trade relations. They can now count on easier access to financing on both markets. The document will help attract Chinese investments to Poland and create a common platform for discussion of joint projects encompassing financial security risk instruments, Piotr Stolarczyk, KUKE’s Vice-President said.
The memorandum between KUKE and its sister agency from China will also allow both operators to provide more flexible collateral in transactions on those markets.
The agreement was signed by He Shenyuan, head of the Sinosure office in London, and Piotr Stolarczyk, Vice-President of KUKE
Sinosure, the China Export & Credit Insurance Corporation, is a financial institution established by the Chinese government. Buoyant recent growth has driven Sinosure to become by far the biggest ECA in the world (covering a transaction value of USD2.9 trillion over the 15 years of its existence). It is also a key partner for Poland. In 2016, the value of the turnover insured by Sinosure in Poland stood at USD1.85 billion and, since its establishment, it has reached a level of over USD13 billion, which has positively contributed to bilateral economic and trade growth between the two countries.
Next month in Beijing the Chinese government will host the ‘Belt and Road Forum for International Cooperation’ - an initiative forging a business bridge between China and Europe. The project will give further impetus to economic and trade cooperation. Poland is currently making a huge effort to boost economic development while China is supporting international cooperation in the scope of production capacity. I therefore am convinced that Sinosure and KUKE, as national ECAs, will allow entrepreneurs in both countries to reap the benefits of these promising perspectives that result from this initiative. For me, both parties to the memorandum will have an enormous potential for cooperation in energy, infrastructure, transport, telecommunications, and in other sectors of the economy. Today’s agreement is an important step in our mutual relations and, more importantly, a new starting point for close cooperation in the Belt and Road initiative context and in the strong economic development setting in Poland. Now, all that remains is to implement the memorandum to bring our collaboration to a higher level and make a greater contribution to the Chinese-Polish development of joint economic and trade relations. The entered into agreement is to the mutual benefit of both countries! He Shenyuan, head of the Sinosure office in London, asserted.
The agreement signed between KUKE and Sinosure constitutes a framework agreement on the basis of which KUKE and Sinosure will together support Polish-Chinese trade and back the development of foreign investment in their own countries in the possible fields of co-insurance, trade risk reinsurance, debt collection assistance, and the exchange of information, etc.