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YEREVAN. – Confidence in external trade is essential for Armenian businesses, Mr. Thies Clemenz, the CEO of the HSBC Bank Armenia, said on Friday.

Speaking at the HSBC Trade Finance Academy event in Yerevan, he noticed that simply landing an export contract doesn’t help: venturing into overseas markets evokes concerns on differences in regulations across countries, exchange risks, and, last but not least, whether or not payment will be received at all.

“This, however, is a challenge not only for Armenia, but for an enterprise from any country which is relatively new in foreign trade. And those risks tend to increase with the distance of trade”, Clemenz added.

The HSBC group has accumulated a considerable experience in trade and receivables finance, which may greatly reduce those risks and uncertainties and lay a solid foundation for successful foreign trade, either exports or imports, he added.

The efforts of the bank have been recognized once again in 2014, when the bank won multiple Trade Finance Magazine Awards for excellence (in 8 nominations, including Best Factoring Institution and Best Export Finance Manager in Europe, Middle East, and Africa), as a result of votes from business.

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