The UAE 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 collaborate 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 ECI’s role in providing trade finance support to businesses and organizations, delivering expert advice on political and commercial risks and facilitating training workshops on investment.
“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.”
Mr. Massimo Falcioni, CEO of ECI, said that “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.”
As of 2022, ECI has signed 21 MoU with government export credit agencies worldwide and facilitated $7.4 billion in non-oil exports from UAE-based companies to 110 countries.