The Ministry of Foreign Affairs and International Corporation (MoFAIC) and Etihad Credit Insurance (ECI), the UAE’s federal export credit company, are jointly working on mechanisms to further boost the country’s international trade and investments.
The two have signed a Memorandum of Understanding (MoU) on this, which, among other things, sets out a framework for foreign affairs ministry 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.
The MoU also outlined 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.
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.
Dr. Abdulnasser Alshaali, assistant minister for economic and trade affairs at MoFAIC, said the ministry was looking forward to working closely with Etihad Credit Insurance to 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,” Alshaali said.
Massimo Falcioni, chief executive officer of Etihad Credit Insurance, said the 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 company to substantially increase its support for local businesses to thrive in the overseas market.
Since its establishment in 2018, Etihad Credit Insurance has been developing strong bilateral trade relations to enhance opportunities for the country’s export sector.
As of 2022, Etihad Credit Insurance has signed 21 MoUs with government export credit agencies worldwide and facilitated AED 27 billion in non-oil exports from UAE-based companies to 110 countries.
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