Etihad Credit Insurance inks deal with Italy export group
DUBAI, October 20, 2018
UAE export credit company Etihad Credit Insurance (ECI) said it has signed an agreement with Italian export credit company (CDP Group) to increase business opportunities between the two countries.
The MoU is aimed at enhancing trade between the two countries with focus on Halal industry through Shariah-compliant insurance and finance solutions, said Massimo Falcioni, the chief executive of ECI, after signing the agreement with Sace CEO Alessandro Decio during the sixth meeting of the UAE-Italy Joint Economic Committee held recently in Rome, Italy.
Engineer Sultan bin Saeed Al Mansoori, UAE Minister of Economy, and Deputy Chairman of the Board of Directors at ECI; Luigi Di Maio, Italian Minister for Economic Development; and Engineer Saed Al Awadhi, Chief Executive Officer of Dubai Export and Development Corporation, and Board Member and Chairman of the Executive Committee at ECI.
The duo expressed commitment in strengthening the cooperation between UAE and Italy through the mutual sharing of expertise as well supporting the business relations of both countries.
One of the main highlights of the MoU is the intention to enhance trade between the two countries with focus on Halal industry through Shariah-compliant insurance and finance solutions.
Furthermore, ECI and Sace have agreed to create a dedicated task force and collaborate on seven work areas: insurance, reinsurance and collections initiatives; information sharing; technical training programmes; halal industry and Shariah-compliant insurance and finance solutions; trade promotions (B2B events and workshops); investments; and SME programmes.
The trade volumes between two countries have exceeded Dh26 billion ($6 billion) in 2017. UAE ranks number one in the Mena region for Italy's agriculture and F&B exports while Italy's imports from the UAE have also been growing.
"Our partnership with Sace plays a strategic and important part in ECI’s role as a major catalyst in supporting UAE’s non-oil exports, trade, investments and strategic sectors development, in line with UAE Vision 2021 agenda," said Falcioni.
"Italy is one of the major trading partners of the UAE in the European Union, while the UAE is also a major trading partner of Italy in the Arab region. Through mutual cooperation in extensive areas, this agreement is set to further cement the growing bilateral trade between the two countries" he added.
Furthermore, the duo have agreed to create a dedicated task force and collaborate on seven work areas: insurance, reinsurance and collections initiatives; information sharing; technical training programmes; halal industry and Shariah-compliant insurance and finance solutions; trade promotions (B2B events and workshops); investments; and SME programmes.-TradeArabia News Service
