UAE’s Federal Export Credit Company Etihad Credit Insurance (ECI) has signed a Memorandum of Understanding (MoU) with Indonesia’s state-owned reinsurance agency Indonesia Re to increase bilateral exports and investments through their trade credit insurance, reinsurance, and guarantees.
Under the agreement, ECI and Indonesia Re will work together to ease commerce and export between the UAE and Indonesia, make funding more accessible to SMEs and mid-caps, and use Shariah-compliant insurance and finance solutions to expand halal trade.
Both organizations will also cooperate to improve the two nations’ business relations, give information on ongoing and potential new projects, as well as investigate insurance, reinsurance, and co-insurance options for export and investments.
Further, they will cooperate to investigate claim recoveries in Indonesia or the UAE, as well as share experience and best practices in commercial underwriting, risk management, country assessment, claims, and recovery.
“The UAE considers Indonesia as a vital strategic partner and this agreement will be a significant force in creating new opportunities, attracting FDI, boosting trade and exports, and accelerating the global economic recovery. Greater collaborations like this will enhance sustainable development and will fuel the growth of UAE’s knowledge-based economy.”
“Indonesia and the UAE have enjoyed remarkable trade and relations for a long time. With this agreement, we are pleased to strengthen these ties by collaborating with Etihad Credit Insurance in the area of trade credit insurance and reinsurance. This will assist us in achieving our goals in developing more export markets for Indonesian companies,” commented Mr. Kartika Wirjoatmodjo, Vice Minister of State-Owned Enterprises of Indonesia
ECI and Indonesia Re will also support strategic economic sectors such as steel and aluminum, ceramics, renewable energy, mechanical, and waste management industries.