This comes during the signing of a memorandum of understanding by the Ministry of Industry and Advanced Technology and the Union for Export Credit Company, which was signed by Omar Suwayna Al-Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology and Massimo Falcioni, CEO of the Union Export Credit Company, in the presence of Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, and Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, Vice Chairman of the Board of Directors of the Union Export Credit Company, according to the Emirates News Agency “WAM”.
The company forms a permanent team to ensure the implementation of initiatives in cooperation with the Ministry of Industry and Advanced Technology in a manner that serves the growth and prosperity of the industrial sector and advanced technology in the UAE.
The UAE is leading a qualitative model of providing financing solutions with low financial risks to invest in emerging companies, as the agreement guarantees the establishment of cooperation that allows industrial investors to invest in shares of emerging companies, with lower risks.
The Ministry of Industry and Advanced Technology will promote the financing solutions provided by the Export Credit Union, especially trade credit protection, trade finance, export finance, project finance, loan repayment guarantee program, property rights insurance program for start-ups, and the “Small and Medium Enterprises Protection” service.
The ECI will contribute to working towards achieving the objectives of the “300 billion project” by enhancing the performance and competitiveness of companies and manufacturers in the UAE towards international markets..
ECI will establish a permanent working group in order to continuously provide initiatives in cooperation with the Ministry of Industry and Advanced Technology.
Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, said: It is in line with the forward-looking vision of the wise leadership, which supports the strategy of industry and advanced technology, and is keen to stimulate and develop the industrial and advanced technology sector in the country, given its importance and pivotal role in enhancing the competitiveness of national industries.
He added that cooperation with a major national institution such as the Export Credit Union will support the objectives of enhancing the competitiveness of the national industry and the access of our products to new global markets. It will also facilitate the work of priority industrial sectors, in addition to focusing on vital sectors that develop competitive advantages for the national product.
For his part, Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Vice Chairman of the Board of Directors of Etihad Export Credit Company, said: This partnership between the Ministry of Industry and Advanced Technology and Etihad Credit Company will positively and significantly affect the empowerment of industrial sectors in the UAE.
Facilitating companies’ access to trade and project financing would greatly contribute to supporting the “300 billion project” and the “Make in the UAE” initiative, and would double the value of the national industrial sector’s output in the next ten years.
We believe that this cooperation will play a major role in enhancing the confidence of Emirati companies, which in turn will increase the contribution of the industrial sector to the non-oil GDP..
Massimo Falcioni, CEO of ECI, said: This cooperation with the Ministry of Industry and Advanced Technology is an important step in achieving the UAE’s vision of strengthening the industrial sector and attracting investment.
ECI continuously supports the growth of UAE companies through a wide range of export credit insurance, financing and investment products.
These innovative solutions will play a vital role in supporting the “300 Billion Project” and the “Make in the UAE” initiative“.
The Export Credit Union supported the non-oil trade of the UAE by providing 4,039 revolving credit guarantees worth more than 2.5 billion dirhams, equivalent to 7.5 billion dirhams as guarantees for non-oil exports to more than 85 countries, and it provided guarantees for trade finances amounting to 1.16 billion dirhams.
The companies benefiting from the guarantees provided by ECI operate in the cable, iron, petrochemical, building materials, packaging, automobiles, energy, services, health care and food sectors..
The Union Export Credit Company continued to enhance the trade and exports of the UAE, as it not only supported UAE companies in maintaining their cash flow, but also facilitated the access of small and medium-sized companies to financing, thus contributing to the recovery of the national economy.
These initiatives have helped facilitate the entry of Emirati companies to global markets and create promising investment opportunities, which supports the growth of the GDP, the employment sector, and the sector of small and medium enterprises..