Etihad Credit Insurance (ECI), the UAE Federal export credit company, has signed a memorandum of understanding (MoU) with the Ras Al Khaimah Chamber of Commerce and Industry to support the local business community, particularly those from the trade and export sectors.

Coinciding with this, the duo has successfully conducted a focus group workshop, aimed at giving its members a key understanding of the benefits and advantages of utilising trade credit solutions, and driving in an increase in trade activity of local businesses, said a statement from the company.
 
The MoU was signed by Mohammed Hassan Al Sabab, acting director general of RAK Chamber, and Massimo Falcioni, chief executive officer of ECI, in the presence of ECI and RAK Chamber senior officials, it said.
 
Mohammed Hasan Al Sabab, acting director general of RAK Chamber, said: “We are helping exporters find solutions to the challenges they face in the export process in order for them to expand their business, increase their sales, and secure their exports, which in turn will enhance the revenues of foreign trade.”

“The co-operation with ECI represents the support for UAE exporters, and the role of the chamber to assist the private sector in increasing their contribution to the local economy,” he added.
 
Massimo Falcioni, chief executive officer of ECI, said: “We take pride in collaborating with RAK Chamber in supporting the non-oil sectors, especially the industrial and trade sectors, as a key player in driving sustainable economic development in the emirate.”

“We join the chamber in assisting local companies to accelerate export activity worldwide by providing intelligence and information on commercial and political trade risks, as well as trade credit, surety bonds and trade finance solutions,” he said.
 
Exports and re-exports, from the emirate of Ras Al Khaimah reached Dh5.4 billion ($1.47 billion) in 2017. While Oman, Kuwait, India, Saudi Arabia, Bahrain, Kenya, Yemen, Iraq, Madagascar and Djibouti were amongst the top destinations for Ras Al Khaimah exports last year.

"Ras Al Khaimah represents a diversified non-oil economy, making it an ideal location that we should be working in as an export credit company," noted Falcioni.

"ECI is committed in supporting Ras Al Khaimah’s initiative geared towards attracting more foreign direct investments. Likewise, we endeavour to assist UAE businesses to penetrate new markets including the GCC, Asian and African regions," he added.-TradeArabia News Service