Top officers signing the MoU.
The Ministry of Foreign Affairs and International Corporation (MoFAIC) and Etihad Credit Insurance (ECI), the UAE’s federal export credit score firm, have signed a Memorandum of Understanding (MoU) to promote elevated international trade and investment.
Both entities agreed to work collectively to place the UAE as an excellent vacation spot for trade and investment, highlighting its secure and safe surroundings, investor-friendly laws, and superior trade finance infrastructure.
The MoU units out a framework for MoFAIC to facilitate trade and investment conferences by its diplomatic missions overseas and supply workplace area in varied missions for Etihad Credit Insurance’s seconded workers. It additionally outlines the Federal Export Credit firm’s function in offering trade finance assist to companies and organisations, delivering knowledgeable recommendation on political and business dangers and facilitating coaching workshops on investment.
Dr. Abdulnasser Alshaali, Assistant Minister for Economic and Trade Affairs at MoFAIC, mentioned, “Expanding trade and investment is of vital importance to the UAE’s future growth. We are looking forward to working closely with Etihad Credit Insurance to ensure that we support our national exporters and enhance trade and investment flows globally. I have no doubt that our cooperation will facilitate further development of a sustainable, diversified, and competitive knowledge economy.”
Massimo Falcioni, CEO of Etihad Credit Insurance, mentioned, “Through commonly agreed-upon goals and objectives, this new agreement between the state-owned institutions will widen export-related opportunities between the UAE and other countries and will open the doors for the Federal Export Credit Company to substantially increase its support for local businesses to thrive in the overseas market.
“Etihad Credit Insurance continues to implement its mission to ensure that UAE non-oil exports and re-exports do not fail due to a lack of insurance or trade finance through its partnership strategy with key ministries, similar to the MOU signed with the Ministry of Economy (MOE) in 2018 and with the Ministry of Industry and Advanced Technology (MoIAT) in 2021.
“With Etihad Credit Insurance sharing its expertise in risk management and investments, this will boost the confidence of UAE businesses and strengthen partnership with MoFAIC in building deeper relations with other countries.”
Since its institution in 2018, Etihad Credit Insurance has been growing sturdy bilateral trade relations to improve alternatives for the nation’s export sector.
The UAE Federal Export Credit Company continues to implement its mission to make sure that UAE non-oil exports and re-exports aren’t unduly affected due to a scarcity of insurance coverage or trade finance. As of 2022, Etihad Credit Insurance has signed 21 MoU with authorities export credit score companies worldwide and facilitated Dhs27 billion in non-oil exports from UAE-based firms to 110 nations.
Earlier Etihad Credit Insurance (ECI), the UAE’s Federal export credit score firm, has partnered with the Hamriyah Free Zone Authority (HFZA) and the Sharjah Airport International Free Zone Authority (SAIF Zone) to assist Sharjah exporters and re-exporters to begin and develop their worldwide enterprise and safe their receivables globally.
The strategic initiative will increase the exports from Sharjah, one of many key manufacturing and industrial hubs within the area, and a significant contributor to UAE’s non-oil GDP and nationwide employment.
The Memorandum of Understanding (MoU) was signed by Saud Salim Al Mazrouei, Director of Hamriyah Free Zone Authority and Sharjah Airport International Free Zone Authority and Massimo Falcioni, CEO of Etihad Credit Insurance, within the presence of senior officers of each entities.
Underscoring the significance of this strategic agreement, Al Mazrouei mentioned: “Our agreement with UAE Federal export credit company is a major effort in unlocking new avenues of financing for companies seeking to open operations in Sharjah. This deal will strengthen the existing initiatives in the free zones to enhance SMEs’ contribution to the local economy with ECI’s insurance and project finance facilities as well as the market intelligence and advisory services. It signifies our collective vision to nurture an entrepreneurial ecosystem in Sharjah, thereby contributing to the sustainable economic growth of the UAE.”
Falcioni mentioned: “In line with our strategy to accelerate the UAE’s economic diversification and non-oil trade agenda, ECI is helping to enhance the bankability of SMEs, start-ups and innovative projects launched by younger entrepreneurs across the country. We are honoured to team up with one of the biggest industrial free zones in the UAE to empower local businesses and exporters through the state-backed financial and insurance support.”
“We are confident that ECI’s trade and project financing support to UAE businesses will reinforce HFZA and SAIF Zone’s visions to solidify Sharjah’s position as a destination for global investments and a business centre in the Middle East while sustaining UAE’s position as an export powerhouse even amid the severe disruptions in the current economic cycle” he added.