Etihad Credit Insurance (ECI), the UAE Federal export credit company, has signed an MoU with Export Insurance company, KazakhExport in order to enhance trade and support sustainable economic growth between the UAE and Kazakhstan.
The two parties agreed to provide Sharia-compliant insurance, trade credit, and export solutions to UAE and Kazakh exporters to protect them from potential commercial risks in international dealings.
Further, it will also allow both parties to cooperate in organizing workshops aimed at educating SMEs on the advantages of using trade protection solutions to mitigate the risks of non-payment resulting from several commercial and geopolitical factors.
“By entering into this agreement with KazakhExport, we are strengthening our dedication to enhancing the global competitiveness of businesses within the UAE and Kazakhstan. This vital partnership directly aligns with ECI’s mission to boost non-oil exports, simultaneously extending comprehensive protection to SMEs, thereby enriching the UAE’s economic diversification. As we amplify the global footprint of SMEs, we’re also bolstering the UAE’s economic aspirations. Ultimately, this agreement not only fortifies our commitment to enhancing economic and trade relationships with Kazakhstan but also paves the way for sustainable economic growth, reflecting our mutual objectives.”
The MoU is in line with the ‘We the UAE 2031’ vision aimed at strengthening bilateral economic relations between the two countries, driving the business of exporters and small and medium-sized enterprises (SMEs) towards prospects for sustainable growth in the fields of renewable energy, waste management, and the manufacture of halal products.
“As part of the MoU, it was also agreed by Etihad Credit Insurance and KazakhExport to form a task force to explore more opportunities for cooperation, with a focus on seven strategic areas, including insurance, trade promotion, and programs for supporting SMEs’ business,” as per the statement.