South African manufacturers exporting to countries elsewhere in Africa will have access to additional insurance products that underwrite risk outside the control of the exporting entity. This follows a new mandate signed by Trade, Industry and Competition Minister Ebrahim Patel that is slated to empower insurance company the Export Credit Insurance Corporation (ECIC) to support South African businesses in key priority sectors, as African countries prepare for increased trade and industrialisation following the signing of the African Continental Free Trade Area (AfCFTA).
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