UAE, Italy export credit agencies to support SMEs and Halal sector

Etihad Credit Insurance (ECI), the UAE Federal export credit company, and SACE, the Italian export credit company, have discussed collaboration in sustainable development projects, trade finance of SMEs, as well as the Halal sector, in line with their national economic strategies.

The meeting is within the framework of the Memorandum of Understanding signed between the ECI and SACE, as part of the 6th UAE-Italy Joint Economic Committee event, held at the Ministry of Economic Development (MISE) in Rome in 2018, which laid down the framework to enhance business opportunities between the two countries.

During the meeting, held at the ECI’s branch in Dubai, the Italian delegation, which was led by Pierfrancesco Latini, CEO of SACE, and included Michal Ron, Chief International Officer of SACE, President of Berne Union, met with Massimo Falcioni, CEO of ECI, along with senior officials from both organisations.

“Italy and the UAE have a similar vision to put sustainable development at the core of their global agenda. The cooperation talks between the ECI and SACE in supporting strategic investments and green projects will be a major boost to the time-honoured trade relations of both countries. Through this alliance, we are determined to help Italian and UAE businesses access sustainable finance which will pave the way for highly responsible trade and investment opportunities between the two countries,” Latini said.

Falcioni stated, “We are honoured to further the cooperation that the ECI has started with SACE three years ago. By providing support to Emirati and Italian companies involved in sustainable development and green energy projects, we will increase the competitiveness of trade and export businesses from both countries, thereby strengthening further the excellent long-lasting relationship between the UAE and Italy.”

A week earlier, Etihad Credit Insurance (ECI), the UAE International Investor Council (UAEIIC), Dubai Exports, the Italian Trade Agency (ITA) and Confindustria, the largest Italian industrial confederation, have discussed cooperation in various fields, including increasing exports, Foreign Direct Investment (FDI) and trade finance support between the UAE and Italy.

The high-level discussion is in line with Italy’s objective of promoting ‘Made in Italy’ products across the world and attract FDI in the European country and it is also consistent with the recently launched ‘Make it in the Emirates’ initiative that encourages local and international investors to fulfil their ambitions of developing, manufacturing and exporting their products from the UAE.

The delegation, led by Carlo Ferro, President of ITA and Barbara Beltrame Giacomello, Board Member and Vice President for International Affairs at Confindustria, Amedeo Scarpa Trade Commissioner to the UAE at ITA met in the Dubai Branch of ECI with Saed Al Awadi, CEO, Dubai Exports & Chairman of the Executive Committee of ECI, Jamal Saif Al Jarwan, Secretary-General, UAEIIC, and Massimo Falcioni, CEO of ECI, along with senior officials from the entities participating.

The core agenda of the meeting was focused on identifying joint strategies to boost the trade and investment opportunities between the two countries. It also cements the long-standing relationship that the UAE and Italy share through the exchange of knowledge and economic expertise in promoting business opportunities and helping local investors to establish or expand their operations in the post-Covid phase.

The meeting also reviewed the latest updates regarding the existing partnerships between the state export credit agencies of both countries. In October 2018, ECI and SACE SIMEST signed a memorandum of understanding (MoU) at the Italian Ministry of Economic Development (MISE) in Rome, followed by a reinsurance agreement to support Italian businesses operating in the UAE, signed in April 2019 in Dubai.

With this agreement, Italian companies and their active subsidiaries in the UAE were able to protect their business, mitigate risks, and concretely improve the management of financial flows.

Saed Al Awadi said, “The UAE and Italy have always had strong trade relations over the years, and this strategic meeting reflects the keenness of both nations to enhance the competitive advantage of our respective business sectors in the international markets.”

Jamal Saif Al Jarwan said, “Both the countries’ trade relations have remained resilient despite the impact of the pandemic in the global economy. We owe this buoyance to both the governments’ joint efforts in supporting and adopting initiatives to protect the interests of local investors abroad. This meeting is also a crucial step in strengthening the confidence of UAE-based businesses as they set out to access the Italian marketplace.”

Carlo Ferro said, “The traditional friendship and commercial relations between our two countries push us to improve our relations more and more, both through a deeper knowledge and through the implementation of synergies and partnerships and the sharing of best practices, to promote the excellence of Italian products and services.

WAM