Message from the Chairman
Chairman and CEO
On April 1, 2013, I was given the opportunity to assume the position of Chairman and CEO of Nippon Export and Investment Insurance (NEXI). I am honored and humbled to take on the responsibility of leading NEXI, which has played a dominant role within Japan in providing trade insurance, a vital instrument for facilitating Japanese exports and overseas investments and for realizing sustainable development of our economy.
Since its establishment in April 2001, NEXI has been providing its export and investment insurance to ensure Japanese businesses against risks overseas that cannot be covered by private-sector insurance.
Last year, the world economy was shaken by the eurozone debt crisis that severely hit US and European companies. On the other hand, Japanese companies strengthened their presence in trade financing and large-scale projects, including an LNG project in Australia, the largest project underwritten by NEXI in terms of insured value, and the intercity express program in the UK, the first ultralong-term (30 years) support project for NEXI. As Japanese companies are increasing their presence in foreign markets and with more demand for secure energy supplies, I believe NEXI’s role to play in supporting global activities of Japanese companies is becoming increasingly important.
In addition to insurance service for major Japanese companies, NEXI is supporting overseas business of regional SMEs by using a support network between NEXI and 29 regional banks based on service agreement to diffuse the use of NEXI insurance. We have also established a dedicated team to meet the demand of SMEs and regional companies by providing high-quality service through cooperation with regional banks.
Our SME insurance product called Export Credit Insurance for SMEs has become more reasonable as we reduced its premium rates. Also, we have created a new short-term service of Overseas Untied Loan Insurance to meet different needs of SMEs. The new insurance is for loans with a domestic bank guarantee, used for short-term working capital by SMEs’ overseas subsidiaries.
For business development of Japanese companies operating overseas, NEXI will continue to provide support through further cooperation with foreign ECAs and major credit insurance companies including reinsurance agreements with Hong Kong Export Credit Insurance Corporation (HKECIC), Export Development Canada (EDC), and Euler Hermes as well as revised reinsurance agreement with PT(Persero) Asuransi Ekspor Indonesia (ASEI).
We are seeing some positive signs in the Japanese economy thanks to weaker yen and higher stock prices, while the current global economy remains uncertain with continuing fears of renewed eurozone crisis. NEXI will make the utmost effort to further improve our service to meet various needs of Japanese companies. We appreciate your continued understanding and support.
Chairman and CEO