Etihad Credit Insurance (ECI), UAE’s export credit agency, and New Zealand Export Credit (NZEC) have signed a Memorandum of Arrangement (MoA) to enhance bilateral trade relations and the capabilities of small and medium-sized enterprises (SME) in both countries to expand globally.
As part of the agreement, ECI and NZEC will promote UAE and New Zealand exports and export-related investments by providing tailored trade credit insurance and financial guarantees, with the support of the governments of both countries.
The agencies have signed this agreement in order to complement the private sector through supporting smaller and growing firms, as well as offering the market capacity to larger firms. Further, the MoA will focus on boosting halal trade by leveraging Shariah-compliant finance solutions as they expand their businesses in strategic sectors like steel and aluminum, ceramics, mechanical, waste management industries, among others.
In order to equip these businesses, both organizations will jointly organize workshops, forums, B2B meetings and events among exporting corporates, located in New Zealand and in the UAE.
“We are pleased to enter into this agreement with NZEC to improve the competitiveness of businesses in the UAE in order for them to expand internationally. In addition to improving the food-stuff trade between the UAE and Zealand, we believe this partnership will help local companies increase their foothold globally in various sectors, strengthening the position of the UAE as a commercial, and later, a manufacturing hub.”
Mr. Chris Chapman, Head of NZEC, said, “From food security to renewable energy cooperation, New Zealand has enjoyed long-standing bilateral relations with the UAE. Our joining hands with ECI will yield competitive advantages to businesses based in both countries. We are pleased to collaborate with ECI as it will help New Zealand businesses to enter new markets and see significant growth.”
The UAE is New Zealand’s largest trading partner in the Middle East and its 12th largest trading partner globally, and an important hub for doing business with the wider Middle East and beyond.
According to Statistics New Zealand, the total two-way trade between New Zealand and the UAE in 2021 reached $2.35 billion. Moreover, New Zealand is Dubai’s second top food trade partner, accounting for 13 percent of total food imports to the emirate in 2020, as per the data published by the Dubai Chamber of Commerce and Industry.