Etihad Credit score Insurance coverage (ECI), the UAE authorities’s export credit score firm, lately signed a memorandum of understanding (MoU) with the Export Credit score Assure Company of India (ECGC) to discover and increase commerce and financial cooperation between the United Arab Emirates and India.
The 2 companies will create prospects for mutual strategic tasks and supply a platform to establish new enterprise alternatives and develop new partnerships.
The MoU was signed by ECI chief government officer Massimo Falcioni and M Senthilnathan, chairman-cum-managing director of ECGC.
With accessibility to a spread of export credit score, financing and funding insurance coverage merchandise, companies and exporters in each nations stand to achieve from this partnership, an official launch within the UAE mentioned.
Each establishments will work in the direction of boosting their cooperation and communication in enhancing commerce and enterprise relations between the 2 nations; exploring mutual alternatives for insurance coverage, reinsurance, co-insurance providers for export of products in a 3rd nation, investments and providers to help and help insured exporters; facilitating entry for small and medium enterprises, mutual change of excellent practices; organizing joint occasions; and figuring out particular options within the export insurance coverage area.
The UAE and India have at all times had a robust non-oil overseas commerce relation previously decade. Knowledge launched by the UAE ministry of financial system in Might 2020 confirmed the non-oil exports and re-exports between the 2 nations in 2019 have reached over AED24 billion, and almost AED30 billion, respectively.
As well as, India’s ministry of exterior affairs in February 2020 reported that the commerce between the 2 sides is valued at round $60 billion (over AED220.three billion), making the UAE India’s third-largest buying and selling associate and second-largest export vacation spot in 2018-2019.
In the meantime, India’s exports to the UAE are effectively diversified, with the previous’s main export gadgets together with petroleum merchandise, minerals, textiles and clothes, cotton, yarn and engineering and equipment merchandise.
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Etihad Credit score Insurance coverage, the UAE authorities’s export credit score firm, lately signed an MoU with the Export Credit score Assure Company of India to discover and increase commerce and financial cooperation. The 2 sides will create prospects for mutual strategic tasks and supply a platform to establish new enterprise alternatives and develop new partnerships.