The Ministry of Foreign Affairs and International Corporation (MoFAIC) and Etihad Credit Insurance (ECI) have signed a Memorandum of Understanding (MoU) to promote increased global trade and investment.
The MoU sets out a framework for the ministry to facilitate trade and investment meetings through its diplomatic missions abroad and offer office space in various missions for ECI’s seconded employees. It also outlines the Federal Export Credit company's role in providing trade finance support to businesses and organisations, delivering expert advice on political and commercial risks and facilitating training workshops on investment.
Dr. Abdulnasser Alshaali, Assistant Minister for Economic and Trade Affairs at MoFAIC, said: "Expanding trade and investment is of vital importance to the UAE's future growth. We are looking forward to working closely with Etihad Credit Insurance to ensure that we support our national exporters and enhance trade and investment flows globally. I have no doubt that our cooperation will facilitate further development of a sustainable, diversified, and competitive knowledge economy."
Massimo Falcioni, CEO of ECI, said: "Through commonly agreed-upon goals and objectives, this new agreement between the state-owned institutions will widen export-related opportunities between the UAE and other countries and will open the doors for the Federal Export Credit Company to substantially increase its support for local businesses to thrive in the overseas market.
"Etihad Credit Insurance continues to implement its mission to ensure that UAE non-oil exports and re-exports do not fail due to a lack of insurance or trade finance through its partnership strategy with key ministries, similar to the MoU signed with the Ministry of Economy in 2018 and with the Ministry of Industry and Advanced Technology (MoIAT) in 2021.”
