Etihad Credit Insurance (ECI), the UAE federal export credit company, has partnered with its Indian counterpart ECGC Limited (ECGC) to explore and bolster trade cooperation between the two countries.
A memorandum of understanding (MoU) aims to increase collaboration and create prospects for mutual strategic projects, as well as offer a platform to identify new business opportunities and develop new partnerships in the UAE and India.
With accessibility to a range of export credit, financing and investment insurance products, businesses and exporters in both countries stand to gain from this partnership, they said in a joint statement.
As part of the MoU, both institutions will work towards boosting trade and business relations between the two countries including mutual opportunities for insurance, reinsurance, co-insurance services for the export of goods in a third country, investments and services to assist and support insured exporters and the facilitation of access for SMEs.
Massimo Falcioni, CEO of ECI, said: “The UAE and India have always had strong economic relations, with trade ties seeing major leaps over the past years. Signing this agreement with ECGC further reflects our shared goal of propelling businesses in our respective countries to greater heights. This MoU will bring about an important mutual exchange of export credit solutions and financing that will benefit the export community in both countries.”
Massimo Falcioni, CEO of Etihad Credit Insurance (ECI)
M Senthilnathan, chairman-cum-managing director of ECGC, added: “We are delighted to ink this strategic partnership with ECI, which will further strengthen the economic ties between India and the UAE… This will enhance our participation in joint projects thereby giving businesses access to a wide range of export credit solutions offered by ECI and ECGC.”
Data released by the UAE Ministry of Economy in May showed that non-oil exports and re-exports between the two nations in 2019 reached over AED24 billion and nearly AED30 billion respectively.
India’s Ministry of External Affairs in February reported that the current trade between the two nations is valued at around $60 billion, making the UAE India’s third largest trading partner.
According to the Embassy of India to the UAE, the UAE exports to India items such as petroleum and petroleum products, precious metals, minerals, chemicals and wood products. The UAE also exported $10.9 billion of crude oil to the UAE in 2019-20.
ECI was established by UAE Federal Government and started its operations in February 2018.
It 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 domestic trade through a range of export credit, financing and investment insurance products.
Follow us on
