UAE hosts global conference on export and investment innovation

The United Arab Emirates’ federal export credit company, Etihad Credit Insurance (ECI), hosted for the first time the Prague Club Committee (PCC) Biennial Meeting of the Berne Union, an international organisation of leading export credit and political risk insurers, in Dubai. The global event gathered delegates from PCC member countries to discuss export-oriented innovation and growth strategies as well as the pivotal role of export credit agencies in trade facilitation and promotion.

Deemed as one of the most influential conferences related to trade credit insurance, the meeting facilitated a platform for the Berne Union members to strengthen ties and drive dialogue on critical issues impacting trade and investment, following global supply chain disruptions due to the pandemic.

Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade and Deputy Chairman of ECI’s Board of Directors, said: “In a complex interconnected world, businesses continue to face hurdles and disruptions necessitating better cooperation between countries and their export credit agencies. Berne Union’s Prague Club Committee Meeting is instrumental in setting the future agenda in ensuring the growth of export innovation. The UAE is therefore delighted to host this major event, which will pave the way to a new era of international trading and economic prosperity.”

Michal Ron, President of the Berne Union, said: “The close association between export credit agencies has become absolutely crucial in the current economic cycle, which has been seriously impacted by an unforeseen event in the world history. Working together is key to navigating these unprecedented challenges in global trade. We’re pleased to team up with one of our youngest members, ECI, to host the PCC biennial meeting in the UAE, which will be a significant step in empowering the trade credit insurance community across the globe.”

Massimo Falcioni, CEO of ECI, said: “Organising the Prague Club Committee meeting is a major accomplishment in line with our mission to strengthen the UAE’s non-oil trade and national economic diversification. With the active participation and dynamic discussion among the important stakeholders in this ecosystem, this gathering will certainly have a far-reaching impact on the export insurance industry and the global economic recovery. It also took place at a time when the need to make a rapid transition towards clean energy is becoming highly critical. “

“The UAE has always been a forerunner on this front and winning the bid to host the COP28 climate conference in 2023 is a fitting tribute to its leadership role for a sustainable future. We’ve been reinforcing the UAE’s ‘Net Zero by 2050’ strategy by partnering with government entities and other ECAs. We believe the collaboration between the credit insurance companies across the globe can make a profound influence in this much-needed transition.”

The Prague Club was established in 1993 by the Berne Union with funding from the European Bank for Reconstruction and Development (EBRD). Named after the city where its first meeting was held, the group carried on the tradition begun by the Berne Union, supporting members in developing their export credit and investment insurance schemes and hosting regular technical discussions, as well as facilitating information exchanges among the member countries.

ECI was admitted as a full member of the Berne Union last year, following an administrative process that began two years ago. Being a full-fledged member of the Berne Union would guarantee the Federal agency the voting right to be nominated and elected for Berne Union and Prague Club management committees-elected and rotating positions.

Etihad Credit Insurance (PJSC) was established by the UAE Federal Government and its founders, the governments of Abu Dhabi, Dubai, Ras Al Khaimah, Fujairah and Ajman. The company started its operations in February 2018. ECI plays a catalyst role in supporting the UAE’s non-oil exports, trade, investments and strategic sectors development, in line with UAE Vision 2021 agenda.

The UAE Federal export credit company is tasked to accelerate and sustain national economic diversification as well as support the export and re-export of UAE goods, works, services, and the foreign investments of the UAE businesses as well as support the exporters in the domestic trade through a range of export credit, financing and investment insurance products. Since 2020, in response to the country’s economic needs, it started providing credit insurance support to domestic non-oil trade and project financing guarantees too.

To provide UAE businesses with solutions that meet their growth objectives locally and internationally, ECI builds a comprehensive platform of strategic partnerships across government, insurers, re-insurers, brokers, banks and lenders, regional and international Export Credit Agencies, governments and trade promotion agencies in addition to world organisations for economic development.

ECI has also been assigned for the third consecutive year this 2021 with an Insurance Financial Strength (IFS) Rating and an Issuer Default Rating (IDR) of AA- (Very Strong) with Stable Outlook according to Fitch Ratings.

Last week Massimo Falcioni, CEO of Etihad Credit Insurance (ECI), has said that since its launch in 2018, ECI has supported various sectors with its trade credit solutions, improving the competitiveness of the UAE non-oil trade and export.

Over the past four years, ECI recorded a new milestone by issuing AED6 billion worth of revolving credit guarantees, which is equivalent to Dhs18 billion supported UAE non-oil trade. These guarantees were given out to companies active in 20 sectors. Over the past couple of years, we’ve managed claims across various business segments and recently paid claims in diverse manufacturing sectors, including construction, steel, food, retail, and packaging.