UAE and France eye better trade relations through ECI – Bpifrance MoU

By Rahul Vaimal, Associate Editor
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Representational Image | ECI officials addressing the press at the SME Protect launch event

UAE’s prime export credit agency, Etihad Credit Insurance (ECI) is signing a Memorandum of Understanding (MoU) with the French Export Credit Agency, Bpifrance Assurance Export to explore, strengthen, and enhance trade and economic cooperation between France and the UAE.

The MoU was endorsed by Massimo Falcioni, CEO at ECI and Francois Lefebvre, General Manager of Bpifrance Assurance Export. The collation endeavors to provide a boost to the existing trade relations between France and the UAE, and also present a platform to recognize new business possibilities and develop new partnerships in the UAE.

Under this MoU, both organizations will work towards;

  • Increasing their cooperation and communication in the improvement of trade and business relations between the two countries
  • Exploration of bilateral opportunities for insurance, reinsurance, co-insurance services for export of goods in a third country
  • Investments and services to assist and support insured exporters
  • Facilitation of access for SMEs
  • Bilateral exchange of good practices
  • Organization of joint events and
  • Identification of specific solutions in the export insurance field, among others.
Massimo Falcioni

“The UAE and France have always shared distinguished trade relations, and over the past several years, these bilateral ties have witnessed a major leap. The strategic dialogue between the two countries started in 2007 – an annual dialogue that ensures to strengthen the bilateral relations aimed at achieving their shared goals.”

As UAE’s Federal export credit company, it is our mandate to support local companies grow internationally by providing risk management solutions and creating an ecosystem of strategic partners. In line with this, we are pleased to sign an agreement with Bpifrance, through its subsidiary Bpifrance Assurance Export. This will pave the way for a mutual exchange of export credit solutions and financing that will benefit the local business and export community.”

Francois Lefebvre
GM of Bpifrance Assurance Export

“We are delighted to partner with Etihad Credit Insurance, who in a short span of time has consolidated its position as an effective export credit agency in the region. We believe this agreement, while actively boosting the bilateral trade relations, will also enhance support for the exporting community as it will give small businesses access to ECI’s unique range of trade credit solutions and services.”

Data from the UAE Ministry of Economy highlights that the UAE is France’s second-largest trade associate in the region with non-oil foreign trade at US$7,616 million in 2018. There are 600 French organizations currently present in the UAE in different quarters.