UAEs Ministry of Economy and Federal Export Credit Company joins hands for strengthening the national exports and enhancing the market

Business

UAEs Ministry of Economy and Federal Export Credit Company joins hands for strengthening the national exports and enhancing the market

The UAE Ministry of Economy (MOE) and the UAE Federal Export Credit company, Etihad Credit Insurance (ECI), have reported their joint duty towards supporting UAE exporters and financial specialists in their endeavors to extend all inclusive, including the transition to pull in increasingly Foreign Direct Investment (FDI) into the UAE. The joint promise adds to the advancement and incitement of non-oil exchange of the state, particularly export activities. The MOE and ECI will mutually work to support the top 100 exporters and the top 100 SMEs that export products and services to universal markets.

Both federal associations have expressed excitement to work by joining hands 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 UAEs exporting companies concentrating on key sectors.

The joint effort will permit the provision of market intelligence, encourage financing and investment, just as offering insurance solutions to UAE-based businesses in order to accelerate exports and provide tools to build their worldwide intensity. ECI will instruct and prompt exporters through training programs, seminars and export credit risks evaluation. Both parties will also bolster small and medium-sized organizations with significant data on progressing and future trade missions, investments and projects in third countries.

H.E. Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economy, Deputy Chairman of the Board of Directors at ECI, stated: This collaborative exertion will play a fundamental role in improving non-oil foreign trade and in making a good business environment for exporters. This association with ECI would drive export sector development by upgrading the abilities of UAE exporters to contend internationally. This will significantly help in making a supportable economy with a diverse wellspring of commercial and investment flows.

H.E. Abdullah Bin Ahmed Al Saleh, Undersecretary of the Ministry of Economy for Foreign Trade Affairs said that accomplishing the similarity and coordination of services and facilities offered to exporters and creating joint programs in this regard with the ECI will improve the capacities of national exports and empower them to contend in universal markets to help serve the nation's orientations in expanding its non-oil exports and guaranteeing the supportability of its development.

H.E. Engr. Saed Alawadi, Chief Executive Officer of Dubai Export Development Corporation, Board Member and Chairman of the Executive Committee at ECI, stated: The association among ECI and Ministry of Economy will pave the way for more grounded trade and feasible financial development. The UAE's position as the world's 15th biggest exporter and the developing non-oil trade mirrors the governments persistent endeavors in supporting businesses in general, and exporters in particular. This association will further strengthen UAEs status as a broadened and strong economy that also serves as a universal business centre point.

Massimo Falcioni, Chief Executive Officer of ECI stated: This collaborative exertion repeats our dedication towards towards supporting the non-oil enhancement procedure of the UAE. This partnership will be essential in satisfying ECIs objectives in accordance with the UAE Vision 2021 and offering a solid platform for makers and traders during the imminent Expo 2020. The association will drive development in different areas, geographies and bolster the nation's plan for progress into a sustainable non-oil economy, mainly by advancing exports by UAE manufacturing companies.