Top officials signing the MoU.
The Ministry of Foreign Affairs and International Corporation (MoFAIC) and Etihad Credit Insurance (ECI), the UAE’s federal export credit company, have signed a Memorandum of Understanding (MoU) to promote increased global trade and investment.
Both entities agreed to work together to position the UAE as an ideal destination for trade and investment, highlighting its stable and secure environment, investor-friendly legislation, and advanced trade finance infrastructure.
The MoU sets out a framework for MoFAIC to facilitate trade and investment meetings through its diplomatic missions abroad and offer office space in various missions for Etihad Credit Insurance’s seconded employees. It also outlines the Federal Export Credit company’s role in providing trade finance support to businesses and organisations, delivering expert advice on political and commercial risks and facilitating training workshops on investment.
Dr. Abdulnasser Alshaali, Assistant Minister for Economic and Trade Affairs at MoFAIC, said, “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, said, “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 establishment in 2018, Etihad Credit Insurance has been developing strong bilateral trade relations to enhance opportunities for the country’s export sector.
The UAE Federal Export Credit Company continues to implement its mission to ensure that UAE non-oil exports and re-exports are not unduly affected due to a lack of insurance or trade finance. As of 2022, Etihad Credit Insurance has signed 21 MoU with government export credit agencies worldwide and facilitated Dhs27 billion in non-oil exports from UAE-based companies to 110 countries.
Earlier Etihad Credit Insurance (ECI), the UAE’s Federal export credit company, has partnered with the Hamriyah Free Zone Authority (HFZA) and the Sharjah Airport International Free Zone Authority (SAIF Zone) to support Sharjah exporters and re-exporters to start and grow their international business and secure their receivables globally.
The strategic initiative will boost the exports from Sharjah, one of the key manufacturing and industrial hubs in the region, and a major contributor to UAE’s non-oil GDP and national 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, in the presence of senior officials of both entities.
Underscoring the importance of this strategic agreement, Al Mazrouei said: “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 said: “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.