Business | Economy

Framework mooted to boost foreign trade

The Dubai Export Development Corporation (DEDC) is pursuing a regulatory framework aimed at boosting the emirate's foreign trade that reached a whopping Dh678.5 billion in 2007, a top official said.

  • Staff Report
  • Published: 00:47 March 3, 2008
  • Gulf News

Dubai: The Dubai Export Development Corporation (DEDC) is pursuing a regulatory framework aimed at boosting the emirate's foreign trade that reached a whopping Dh678.5 billion in 2007, a top official said.

"Export Credit Insurance Scheme (ECIS) is a valuable tool in invigorating trade as it helps increase a business's sales by limiting credit exposures while at the same time enabling it to offer competitive credit terms to a wider customer base. Such impetus to businesses is vital to the economy as it increases trade volumes both in the short as well as in medium and the long term," DEDC chief executive, Engineer Saed Al Awadi, told delegates at a recent seminar.

"Within the ECIS, we are pursuing a regulatory framework that brings the scheme-based transactions in the purview of the Sharia. Currently we are actively working towards establishing partnerships with local financial institutions and governmental bodies to enable the growth of Dubai as a global export and re-export hub."

DEDC recently held a seminar on Export Credit Insurance Scheme, for UAE-based exporters. The day long event was attended by leading business men and government officials from the UAE, who were briefed on the strategic value of the scheme in boosting domestic as well as export related trade activities in the UAE.

"DEDC's expressed commitment is to solidify Dubai's position as the regional hub for export oriented trade," Al Awadi said.

"The Export Credit Insurance Scheme forms part of a wider portfolio of services that DEDC has structured to enhance the competitiveness of Dubai-based exporters as they tackle regional and global markets, with their products and services," he added.

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