The Indian Export Credit Guarantee Corporation (ECGC) has opened a new office in London which will serve as an extension of the main office in Mumbai, India.

“The European Union is the biggest market for Indian exports and biggest market for ECGC’s business,” Rohit Pandya tells GTR, explaining what pushed the ECGC towards a London office.

While the US is the largest individual destination for Indian exports, the EU is the largest region, accounting for 18 to 20% of total exports, Pandya adds.

The new office will not be garnering any new business but will instead assist the main office with UK-related duties.

These will include recovery of debts, speaking to buyers of India’s exports, investigating claims, collecting data, liaising with other debt collecting and information agencies as well as other multilateral organisations and other associations based in the EU, Pandya explains.

India’s exports have rebounded after a poor start to the year and are expected to reach the target set out by the ECGC and the Ministry of Commerce earlier in the year.

But India is also looking to regions outside of its traditional markets in Europe and the US, Pandya reveals: “Dubai is emerging as a strong market and China is developing into a strong market.”

He also highlights Southeast Asia as a growing market for Indian exports, adding that, although exports to these markets are starting at a much lower level, they are growing much faster than traditional markets.