The president of the Israeli Manufacturers Association (IMA) announced last week the setting up of a joint committee with The Israel Foreign Trade Risks Insurance Corporation Ltd.(IFTRIC) to advance the usage of new foreign trade risk insurance plans among industrialists and small exporters.
Tyrah believed that the use of IFTRIC new risk insurance could increase Israel's export by over 1 billion dollars annually.
The announcement came following a high level meeting between Mr Tyrah ans Mr. David Bloombers the chairman of The Israel Foreign Trade Risks Insurance Corporation.
The Israel Foreign Trade Risks Insurance Corporation Ltd.(IFTRIC) is a fully owned government-company that encourages Israeli export by insuring medium and long term export credit transactions (one to ten years) and investments abroad.
The Company has extensive working relationships with the international insurance and business communities.
Since its establishment in 1957, IFTRIC has been offering Israeli exporters a range of advanced insurance solutions, enabling them to mitigate risks and raise financing.
The Company also provides Israeli exporters with updated reliable information on macro-economic and political events in their respective buyers' countries. Thus, IFTRIC "makes it safe" for Israeli exporters.
The joint committee consists of representatives from Elbit, Ormat, Lachish industries, representative of the kibbutz industries and the director general of IFTRIC. Mr. Uri Brenstein. The work of the committee will coordinated by Mr. Moshe Nahum, head of the foreign trade division at the Manufacturers Association.
