The Chairman of the AMCM, Dr. Chan Sau San and the Chairwoman of COSEC, Mrs. Maria Celeste Hagatong signed the Cooperation Framework Agreement.
The Monetary Authority of Macao (the AMCM) and Companhia de Seguro de Créditos, SA (COSEC) signed a “Cooperation Framework Agreement” in Macao today to strengthen the insurance cooperation between the two institutions on export trade and investment projects, in order to facilitate the establishment of an export credit insurance system in Macao.
Under the joint witness of Dr. Eurico Brilhante Dias, the Secretary of State for Internalisation of Portugal, and Mr. Leong Vai Tac, the Secretary for Economy and Finance of the Government of the Macao Special Administrative Region (MSAR), Dr. Chan Sau San, the Chairman of the AMCM, and Mrs. Maria Celeste Hagatong, the Chairwoman of COSEC, signed the Cooperation Framework Agreement on behalf of their institutions and exchanged views on cooperation plans. They planned to kick start cooperation on insurance products related to export trade and investment activities, providing risk management and protection for Macao enterprises and financial institutions to develop their foreign trade and investment businesses.
To facilitate economic diversification and to promote the development of Macao as a service platform for commercial and trade cooperation between China and Portuguese-speaking countries, the MSAR Government intends to set up an export credit insurance system to reduce the trading risks of Macao enterprises. The AMCM believes that cooperation with COSEC can help facilitate the establishment of an export credit insurance system in Macao and strengthen Macao’s role as a “platform”.
Established in 1969, COSEC is currently the largest insurance company that provides export credit insurance services in Portugal. It offers not only export management support and credit control solutions both for domestic and foreign enterprises, but also, based on customers’ needs, provides coverage and management of country and investment risks.