In its endeavor to improve the competitiveness of MSMEs and promote cross border trade and investments, Export Import Bank of India (Exim Bank India) has launched an export facilitation portal, “Exim Mitra”, for providing information on availability of financial products for exports, and delivering trade related information.
Through the portal, a wide array of market intelligence services are provided to potential and existing exporters. This includes, among others, assessment of demand across products and markets; information pertaining to market standards, sanitary/phytosanitary requirement, and other rules and regulations in key market like the USA and EU; government incentives across various sectors; relevant contact information for handholding agencies; cost and duration of shipments from across the globe, and country ratings. For potential exporters, the portal also provides services such as identification of HS codes, detailed calculation of duty and tax, list of applicable taxes for a country, etc.
Another major focus of the portal is promoting financial inclusion by facilitating financial services that will address more than 200 million formal and informal MSMEs in emerging economies lacking adequate financing to thrive and grow. The portal will also serve as an avenue to address information asymmetry, the major reason for high rejection rate for MSME trade finance applications, by acting as intermediary between banks and firms. Being an interactive platform, Exim Mitra offers an opportunity for MSMEs to discuss the requirement of trade finance applications with experts.
In less than a year of its launch, Exim Mitra had more than 225,000 visitors, and has responded to queries of more than 200 MSME exporters. A large majority of the queries are from MSME exporters in labour-intensive sectors such as agro and food products, and textile and garments. Exim Banks India’s intervention in form of information advisory has enabled these MSMEs to successfully tap export opportunities.
Exim Bank’s “Exim Mitra: Export Facilitation Portal” received a Merit Awards in the 2018 ADFIAP Outstanding Development Project Awards, under the SME development category.