Etihad Credit Insurance (ECI), the UAE federal credit insurance company has signed strategic agreements with China Export and Credit Insurance Corporation (Sinosure ), Industrial and Commercial Bank of China (ICBC) and Bank of China.

The ceremony took place during the UAE–China Economic Forum held recently in Beijing s part of the three-day state visit of Sheikh Mohammed Bin Zayed Al Nayan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to the President of China Xi Jinping.

The Economic Forum, celebrating 35 years of close relationships between UAE and China, was chaired by Sultan Bin Saeed Al Mansouri, the UAE Minister of Economy, and Deputy Chairman of the Board of Directors at ECI; and Zhong Shan, China Minister of Commerce.

ECI will collaborate with each of these organisations in the exploration and enhancement of trade and economic cooperation between the UAE and China. These alliances will strengthen ECI’s position in the global market place as well as create opportunities that both countries will generate in terms of investments and trade.

The MoUs were signed in separate ceremonial occasions by Massimo Falcioni, CEO of ECI with Huang Shan, general manager, International Department, Sinosure; Zhang Junguo, general manager, ICBC Dubai (DIFC) Branch; and Zhou Jianjun, general manager of Bank of China, Dubai Branch; and witnessed by Dr. Ali Obaid Al Dhaheri, Ambassador of the UAE to China and other senior officials from the said organisations.

Under the agreement with Sinosure, both countries agree to collaborate in the areas of insurance and co-insurance, commercial information and credit opinion sharing, Shariah-compliant solutions, trade promotions, international investments, and SME programmes. While the MoUs with ICBC and Bank of China cover mutual cooperation in the areas of trade credit insurance – both conventional and Murabaha; and export financing.

Massimo Falcioni said: “The distinguished state visit of H.H. Sheikh Mohammed Bin Zayed Al Nahyan to China reinforces the commitment of the UAE to further cement the solid foundations of the two countries’ strategic partnership over the past 35 years.

“Collaborating with Sinosure, ICBC and Bank of China is truly an honour for ECI. Through commonly agreed upon goals and objectives, these landmark partnership agreements signed by ECI with China’s top financial institutions will not only widen trade and export related opportunities between the UAE and China but also create a unique model for which other international cooperation can be based upon.”

Zhang Junguo said: “Through our diversified business structure, strong innovation capabilities, market competitiveness, and comprehensive financial products, ICBC has been focused on supporting the economic transformation and sustainable development of both UAE and China’s economy. Our alliance with ECI will open more doors for local businesses and help in the mutual exchange of solutions and services that will be mutually beneficial for companies in UAE and China.”

According to the UAE Ministry of Economy, China is the UAE’s main trade partner in terms of non-oil commodities, which accounts for 9.7 percent of the non-oil bilateral trade in 2018, estimated at over $43 billion. The report also highlighted that China was the UAE’s chief source of commodities imports in 2018, with around 15 percent of its imports, estimated at over $38 billion. The UAE provided 16 percent of Arab non-oil exports to China in 2018.

Total bilateral trade between the two countries amounted to $60 billion. UAE and China are keen to expand economic cooperation with bilateral trade to achieve $70 billion in 2020. – TradeArabia News Service