MoE and ECI to jointly work on boosting national exports

Business Bureau, Gulf Today

The UAE Ministry of Economy (MoE) and the UAE Federal Export Credit company, Etihad Credit Insurance (ECI), have announced their joint commitment towards supporting UAE exporters and investors in their efforts to expand globally, including the move to attract more Foreign Direct Investment (FDI) into the UAE.

The joint pledge contributes to the promotion and stimulation of non-oil trade of the state, especially export activities. The MoE and ECI will jointly work to support the top 100 exporters and the top 100 SMEs that export goods and services to international markets.

Both federal organisations have expressed eagerness to work hand in hand in the creation of a Non-Oil Foreign Trade development plan for the year 2019 and 2020-2023, and an Investment and internationalization plan of the UAE’s exporting companies focusing on strategic sectors. The collaboration will allow the provision of market intelligence, facilitate financing and investment, as well as offer insurance solutions to UAE-based businesses in order to accelerate exports and provide tools to increase their global competitiveness. ECI will educate and advise exporters through training programs, seminars and export credit risks evaluation. Both parties will also support small and medium-sized businesses with valuable information on ongoing and future trade missions, investments and projects in third countries.

Engineer Sultan Bin Saeed Al Mansoori, UAE Minister of Economy, Deputy Chairman of the Board of Directors at ECI, said: “This collaborative effort will play a vital role in enhancing non-oil foreign trade and in creating a favourable business environment for exporters. This partnership with ECI would drive export sector growth by enhancing the capabilities of UAE exporters to compete globally. This will significantly help in creating a sustainable economy with a diverse source of commercial and investment flows.”

Abdullah Bin Ahmed Al Saleh, Undersecretary of the Ministry of Economy for Foreign Trade Affairs said that achieving the compatibility and integration of services and facilities provided to exporters and developing joint programs in this regard with the ECI will enhance the capabilities of national exports and enable them to compete in international markets to help serve the country’s orientations in diversifying its non-oil exports and ensuring the sustainability of its growth.

Enginee. Saed Alawadi, Chief Executive Officer of Dubai Export Development Corporation, Board Member and Chairman of the Executive Committee at ECI, said: “The partnership between ECI and Ministry of Economy will pave the way for stronger trade and sustainable economic growth. The UAE’s position as the world’s 15th largest exporter and the growing non-oil trade reflects the government’s continuous efforts in supporting businesses in general, and exporters in particular. This partnership will further strengthen UAE’s status as a diversified and resilient economy that also serves as an international business hub.” Massimo Falcioni, Chief Executive Officer of ECI said:

“This collaborative effort reiterates our commitment towards supporting the non-oil diversification strategy of the UAE. This partnership will be crucial in fulfilling ECI’s goals in line with the UAE Vision 2021 and offering a strong platform for manufacturers and traders during the imminent Expo 2020. The partnership will drive growth in various sectors, geographies and support the country’s plan for transition into a sustainable non-oil economy, mainly by promoting exports by UAE manufacturing companies.”

Etihad Credit Insurance has recently signed a Memorandum of Understanding (MoU) with Dubai Export Development Corporation, the export promotion agency of Dubai, to develop and promote trade linkages and investment opportunities for Dubai-based businesses in high-growth markets.

The MoU was signed by Saed Alawadi, CEO of Dubai Export Development Corporation, and Massimo Falcioni, CEO of ECI, at the 4th Future Manufacturing & Trade Summit 2019, in the presence of senior officials from both the institutions.

This association will enable Dubai-based businesses to enter overseas markets and maximise their global reach by providing them with ECI’s broad range of innovative trade credit solutions and Dubai Exports’ pioneering export-related solutions. This collaboration helps in empowering and diversifying not only Dubai’s economic growth but also that of UAE’s.

Under this MoU, both the institutions will collaborate in the organisation of trade promotion events and activities, trade delegations, fairs, seminars, conferences; mutually beneficial exchange of trade data, market & sector studies & research; cooperation for learning, benchmarking, staff training and sharing best export practices; opportunities for showcasing of products and services, among others.