Memorandum of Understanding between the Ministry of Foreign Affairs and the Union for Export Credit to support trade and investment
The Ministry of Foreign Affairs and International Cooperation and the Union Export Credit Company, the credit protection company of the UAE government, signed a memorandum of understanding to strengthen the country's trade and investment relations worldwide.
The two sides agreed to work together to enhance the UAE's position as an ideal destination for trade and investment, by highlighting the country's stable and secure environment, investment-stimulating legislation, and advanced infrastructure to support and finance commercial activities.
The signed memorandum includes the framework regulating the ministry's role in trade and investment meetings, in cooperation with the country's diplomatic missions abroad.
The memorandum also defines the company's role in providing financing, insurance and advisory support to companies and institutions, as well as providing expert advice on commercial risks and holding training workshops for investment promotion.
On the sidelines of the signing ceremony of the memorandum, His Excellency Dr. Abdel Nasser Al Shaali, Assistant Minister for Economic and Commercial Affairs at the Ministry of Foreign Affairs and International Cooperation, said: "Promoting trade and investments is a major priority for the UAE. We look forward to working closely with Etihad Export Credit Company in order to support Emirati exporters and increase trade exchanges. and investment with various countries of the world, and I am sure that this cooperation will contribute to supporting strategic efforts to develop a knowledge-based, diversified, competitive and sustainable UAE economy.”
For his part, Massimo Falcioni, CEO of ECI, said: "The MoU will open up export prospects between the UAE and other countries, and will open doors for ECI to significantly increase its support for local companies to thrive in foreign markets."
He added, "The company continues its commitments to ensure non-oil re-exports to the UAE due to the lack of trade credit insurance or project financing solutions, through its partnership strategy with key ministries, such as the memorandum of understanding signed with the Ministry of Economy in 2018 and with the Ministry of Industry and Advanced Technology in 2021."
He continued, "The participation of ECI in risk management and investments enhances the confidence of Emirati companies, and will enhance its partnership with the Ministry of Foreign Affairs and International Cooperation, which contributes to building a stronger relationship with other countries."
Since its establishment in 2018, ECI has contributed to building sustainable business relationships and enhancing opportunities for the UAE export sector.
It also seeks to ensure that the UAE's non-oil exports and re-export activity are not affected by insurance or trade financing challenges.
Since the beginning of 2022, the company has signed 21 memoranda of understanding with government export credit agencies around the world.
It also provided support for 27 billion dirhams of UAE non-oil exports to 110 countries.
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