Foreign Trade and Investment

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1 Public Financial Support to Foreign Trade and Investment

2 CURRENT ECONOMIC FRAMEWORK Economic forecasts: By 2015, 90% of world economic growth is expected to be generated outside the European Union. European Union s Trade Policy The succesful conclusion of the ongoing negotiations would increase European Union s potential GDP growth by 1% on an annual basis. Upcoming challenges for foreign trade and investment: Rising competition from emerging economies. Financial constraints limiting international trade finance Liquidity problems. Basel III. Downgrading of Corporate and Sovereign risks. The current scenario highlights the importance of funding when competing in the global market. 2

3 CURRENT ECONOMIC FRAMEWORK Data for Spanish foreign trade & investment 2011: Increase in merchandise exports: 15,4%. Rising and succesful diversification process : 34% of trade outside EU. Promising increase in exports to emerging economies: Brazil (21%), China (28%), Russia (27%), Turkey (19%), USA (21%), Canada (31%) Japan (31%), Morocco (19%), Algeria (22%), Europe non-eu (27%). Market shares for trade in goods and services were maintained. Rising importance of trade in services: Spain 8th world exporter. Spain is the 10th world investor abroad and the 7th economy in terms of inward FDI 3

4 CURRENT ECONOMIC FRAMEWORK Several studies have highlighted the positive correlation between a strong external sector and: Competitiveness. Eficiency. Employment. Innovation and modernization of key sectors of the economy (industry and services). KEY PRIORITY FOR GENERAL DIRECTORATE FOR TRADE AND INVESTMENT 4

5 Main target: Renewal of the public financial support system NEW INSTRUMENTS & GUIDELINES: FIEM Icreased flexibility of the existing instruments: - CESCE - CARI - COFIDES - ICO 5

6 THE ENTERPRISE INTERNATIONALIZATION FUND (FIEM): IMPROVEMENTS vs FAD Increase in funding. Business-oriented: specialization. Greater number of countries and projects. New types of funding: investment support. Priority according to potential: country and sector The US as top priority. Synergies and coordination of all instruments within the public financial support system. 6

7 FIEM S PRIORITIES: GEOGRAPHICAL Geographical priorities: No country is excluded. Compliance with OECD guidelines. The U.S as a strategical priority. HIPC and LDCs. Implications of international and national regulation. Investment projects in the American continent. OECD ELIGIBLE COUNTRIES ON MARKET TERMS HIPC COUNTRIES LDC.s 7

8 FIEM S PRIORITIES: SECTORIAL Sectoral priorities: High value-added sectors. Energy & transport. Kyoto sectors. Possibility of spill-over effects. Types of funding: towards a diversified & market oriented portfolio Feasibility studies, technical assistance, engineerring & consultancy: spillover effects. On market terms: Export & investment support. Synergies with private sector: financial entities. Concessional tied aid: decreasing importance 8

9 FIEM: INVESTMENT SUPPORT Project & corporate finance: PPPs & productive investment. Senior debt. Market terms. Coordination with other spanish institutions: ICO: participates in syndicated loans along with private banks. COFIDES: Equity & subordinated debt. CESCE Co-financing Private & public sector. Multilateral financial institutions. Third countries resources. 9

10 CESCE (SPAIN S EXPORT CREDIT AGENCY) ECAs around the world since 2009: recent reforms aim to match higher demand for these instruments during downturns. Reinforcement and flexibilization of credit conditions, focusing on the countercyclical behaviour of the instrument. Year 2011: Risk of the portfolio: 17 bn (average OCDE: 4bn). More than 2,339 ongoing insurance policies around more than 100 countries. Flexibilization measures: Strenghtening of investment insurance. Risk exposure up to 9bn (twice the amount of 2008). Global risk cover up to 99% of commercial and political risks. Working on inconditional guarantees at first requirement. 10

11 CESCE: ADAPTING TO THE US MARKET In addition to offering its usual products (insurance policies covering both guarantors and exporters for execution of bid, advance payment or performance bonds), CESCE is adapting to the particularities of the bond requirements in the US market: Actively working with Sureties in developing a product that adapts to their needs. Exceptionally offering cover for equity requirements in project finance/capital markets financed transactions. Making the Company's procedures more flexible in order to meet the exporter's needs. Ongoing reforms: broad concept of Guarantee as a new product. 11

12 INTEREST MAKE UP SCHEME (CARI) Offers the buyer the possibility of financing the export contract via long-term credit (CESCE insurance) at fixed rates. Fixed interest rates erase uncertainty about credit costs. Current financial support: 2,5 bn. More than 430 projects. 23 countries. 40 projects under study. USA interest make up official support: 7 projects 140 million 12

13 INVESTMENT FINANCIAL SUPPORT (COFIDES) Objectives: Economic and social development in recipient countries Internationalization of Spanish companies. COFIDES acts as a venture capitalist, as well as managing several public equity funds (FIEX, FONPYME). Current portfolio 620 million. 151 projects in 42 countries. 62 projects under study. COFIDES in the US Ongoing investment: 532 million. Resource commitment: 67,5 million. 10 projects jobs. 13

14 SPAIN S CREDIT INSTITUTE (ICO) Key contribution to the new Plan for Strenghtening of Spanish Exports and Investments. Coordination with the Spanish Foreign Trade Institute (ICEX). Reduces risk borne by financial institutions. Incresases the number of beneficiary companies. Focuses on SMEs International trade & investment. 14

15 CONCLUSIONS The current macroeconomic scenario leads to lack of funding in financial markets, hindering export & investment. Hence, strong response and support from governments is crucial. The new FIEM and the renewal of the pre-existing instruments marks the start of a new stage in public support to internationalization. Search for specialization and higher transparency. Business-oriented instruments will contribute to higher competitiveness. New products aimed at solving the lack of liquidity. Key factor: synergies and coordination between all instruments The current situation suggests that adaptation of public instruments will continue in the coming years 15

16 THANK YOU FOR YOUR ATTENTION! 16

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