Business & Money | Sunday 1 March, 2020 12:24 pm |

The Abu Dhabi Department of Economic Development (ADDED), represented by its Industrial Development Bureau (IDB), has revealed the signing of a strategic partnership agreement with Etihad Credit Insurance (ECI), the UAE Federal export credit company, which is aimed towards providing trade credit solutions and in-depth market intelligence to increase the competitiveness of Abu Dhabi based export businesses and increased contributions to Abu Dhabi's gross domestic product (GDP). 

 

The agreement was signed by H.E. Rashed Abdul Karim Al Balooshi, Undersecretary, ADDED and Massimo Falcioni, CEO of ECI at a special signing ceremony held today (Sunday March 01, 2020) at ADDED's Abu Dhabi Economic Media Club in the presence of officials from both ADDED and ECI.

 

The agreement looks towards increasing the private sector's contribution to the emirate's GDP, promoting the emirate’s exports, supporting the In-Country Value Program (ICV), enabling the private sector and enhancing its partnership with the public sector. The agreement is also aimed to protect the private businesses’ transactions with external markets by providing trade credit solutions of ECI.

 

H.E. Rashed Abdul Karim Al Balooshi explained that the newly formed alliance between ADDED and ECI complements the department's continuing efforts to play a key role in achieving the emirate's objectives--promoting partnership with the private sector and enhancing competitiveness and the capability to lead Abu Dhabi's economic agenda and achieve sustainable development. 

 

He also lauded the strength of the collaboration between ADDED and ECI, which is the federal entity tasked to accelerate and sustain national economic diversification as well as support the export and re-export of UAE goods, works, services, and the foreign investments of the UAE businesses. Al Balooshi further emphasized on ADDED's commitment towards enhancing its partnership with local and federal government entities, which will enhance the integration of roles aimed at boosting the emirate's sustainable economic development. 

 

Al Balooshi stated, "The industrial sector plays a key role in the efforts aimed at boosting the emirate's economic development. In line with this, IDB remains steadfast in its commitment to provide support for local factories and businesses, facilitate their access to international markets and encourage them to export their high-quality products and services, whilst making sure that such exports are insured against risks in order to support the sustainability of the emirate’s industrial projects."

 

H.E. also explained that the bilateral agreement aims to raise awareness among local factories and companies on the benefits of trade credit insurance solutions, while familiarizing them with the proper guidelines to protect their exports. This will help in supporting the growth and sustainability of Abu Dhabi's business and creating an attractive investment environment. 

 

Meanwhile, Massimo Falcioni, CEO of ECI, said, "The emirate has been consistently working towards establishing knowledge-based economy and enhancing UAE’s global competitiveness while contributing to raising the volume of non-oil national exports that are in line with the UAE Vision 2021, Abu Dhabi Economic Vision 2030 and UAE Centennial 2071 which aligns with ECI’s long-term goals."

 

ADDED's partnership with ECI focuses on strengthening and supporting companies operating in Abu Dhabi by providing them with competitive benefits assisting their growth in local and global markets. In line with this, Falcioni expressed his confidence in the partnership, which is expected to provide companies with an access to a wide range of innovative trade credit solutions provided by ECI. 

 

The partnership also calls for the IDB and ECI holding joint workshops, educational seminars and other training programs to familiarize Abu Dhabi-based industries with the benefits of insurance against the risk of non-payment as well as the advantages of export credit policies, bonds, trade finance solutions offered by ECI.

 

ECI will also provide ADDED with regular reports highlighting the commercial and political risks related to international trade activities. ECI will also work on communicating with industrial facilities in Abu Dhabi, in coordination with ADDED’s IDB, to assist factories to access new sectors and markets.