Etihad Credit Insurance Outlines Strategies to Boost UAE’s Export Sector, Emphasizing Strong Trade Ties with India and China

Government

Etihad Credit Insurance Outlines Strategies to Boost UAE’s Export Sector, Emphasizing Strong Trade Ties with India and China

Etihad Credit Insurance (ECI), the UAE’s federal export credit agency, showcased its strategic initiatives to support the UAE’s export sector at the 40th Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2024), held from November 4-7. The event, held under the patronage of H.H. Sheikh Mohamed bin Zayed Al Nahyan, provided an ideal platform for ECI to engage with key trade partners, including representatives from India and China, and highlight its commitment to enhancing UAE's export competitiveness on a global scale.

During ADIPEC, ECI took part in two strategic roundtables with Indian and Chinese representatives, respectively, organized by the Ministry of Industry and Advanced Technology (MoIAT). The discussions, chaired by H.E. Omar Al Suwaidi, Undersecretary of MoIAT, included representatives from major UAE entities such as Taziz, KEZAD Group, Emirates Development Bank (EDB), ADNOC, Abu Dhabi Investment Office (ADIO), Dubai Internet City (DIC), and Ras Al Khaimah Economic Zone (RAKEZ).

Majed Julfar, Director of Trade Credit Insurance and Export Financing at ECI, presented on the UAE’s economic partnership with both India and China. He highlighted the UAE-India Comprehensive Economic Partnership Agreement (CEPA), effective since May 2022, which has reduced or eliminated tariffs on over 80% of traded goods and increased UAE exports to India, reaching a bilateral trade value of AED 284 billion in 2022. This agreement underscores the UAE’s position as one of India’s key trade partners.

Julfar also emphasized that China remains the UAE’s largest global trading partner, accounting for 11.2% of the UAE’s non-oil trade. Trade with China reached USD 42.2 billion in the first half of 2024, marking a 3% growth from the previous year. In 2023, UAE direct investments in China doubled to USD 2.2 billion, while cumulative investments totaled USD 4.5 billion. Chinese investments in the UAE similarly showed robust growth, with a cumulative balance of USD 8.91 billion by year-end, reflecting the UAE's strong bilateral trade and investment relations with China.

Through its presence at ADIPEC 2024, ECI reaffirmed its role in supporting UAE export and re-export businesses and expanding their access to emerging markets. The event enabled ECI to identify new opportunities to enhance the national economy and strengthen the UAE’s global competitiveness.