UAE, India join hands to boost trade, economic cooperation

UAE’s Federal export credit company, Etihad Credit Insurance (ECI) has partnered with India’s export credit agency ECGC Limited (ECGC) to expand and improve trade and economic cooperation between the UAE and India.

Massimo Falcioni, CEO of ECI, and M Senthilnathan, Chairman-cum-Managing Director of ECGC have signed the Memorandum of Understanding (MoU) to collaborate and create prospects for mutual strategic projects. Also, it offers a platform to identify new business opportunities and develop new partnerships in both countries.

This collaboration will support companies and exporters in both countries through the accessibility of various export credit, financing, and investment insurance products.

Both agencies will work to improve their collaboration and coordination in the following fields as part of the MoU;

• Enhancement of the two countries’ trade and business ties,
• Exploration of insurance, reinsurance, and co-insurance cooperative opportunities for the export of goods to a third country,
• Investments and services to assist and support insured exporters,
• Access facilitation for SMEs,
• Mutual exchange of good practices,
• Organization of joint events,
• Identification of specific solutions in the export insurance field, among others.

“The UAE and India have always had strong economic relations, with trade ties seeing major leaps over the past years. Signing this agreement with ECGC further reflects our shared goal of propelling businesses in our respective countries to greater heights. This MoU will bring about an important mutual exchange of export credit solutions and financing that will benefit the export community in both countries.”

Mr. Senthilnathan Chairman-cum-Managing Director of ECGC said, “We are delighted to ink this strategic partnership with ECI, which will further strengthen the economic ties between India and the UAE. Indeed, it is our pleasure to work closely with ECI in leading the way for an efficient exchange of export credit solutions and financing. It will enhance our participation in joint projects thereby giving businesses access to a wide range of export credit solutions offered by ECI and ECGC.”

The UAE exports items such as petroleum products, precious metals, minerals, chemicals, and wood products to India, as per the Indian Embassy in the UAE.

Also, the data from the Embassy added that India’s exports to the UAE are well-diversified, with the major export products including petroleum products, precious metals, minerals, food items (cereals, sugar, fruit & vegetables, tea, meat, and seafood), textiles (garments, apparel, synthetic fiber, cotton, yarn), chemicals, engineering and machinery products.