Etihad Credit Insurance (ECI), the UAE’s federal export credit company, and Czech Republic’s Export Guarantee and Insurance Corporation (EGAP) have inked a strategic partnership agreement to create a framework for bilateral reinsurance obligations and provide insurance facilities to companies within the UAE and the Czech Republic, further contributing to the promotion of bilateral trade between the two countries.
Abdulla bin Touq Al Marri, Minister of Economy and Chairman of ECI Board of Directors, and David Havlicek, Chairman of the Board of EGAP, signed the agreement.
Robust cooperation
The agreement calls for robust cooperation between the UAE and the Czech Republic across a broad spectrum of duties, including addressing risks related to sovereign and quasi-sovereign debtors, exploring innovative avenues in improving flexibility for private sector debtors, and offering insurance facilities for export agreements that are under the official guidelines of the Organisation for Economic Co-operation and Development (OECD) arrangement on officially supported export credits.
Moreover, this agreement cultivates a strong foundation for bilateral cooperation in areas of common interest, which is beneficial to both countries’ export and foreign trade industries.
“The agreement will promote the creation of new economic prospects between the two exporters’ communities in the two countries and contribute to the consolidation of common economic relations, thereby supporting the establishment of the UAE as a global partner and attractive and influential economic center by the next decade in light of the goals of the ‘We the UAE 2031’ vision,” commented bin Touq.
Advancing trade and investment
Notably, the new agreement falls within the framework of the distinct economic partnership between the UAE and the Czech Republic.
For his part, David Havlicek, stated: “We are confident that this agreement will contribute to advancing trade and investment between the two countries in the coming period.” Thus, providing export credit solutions to companies in the Czech Republic and UAE will boost their confidence and security, encouraging them to expand the scope of their mutual business and investments.”
Raja Al Mazrouei, CEO of ECI, added: “This agreement aligns with ECI’s steadfast commitment to broadening its global network of partnerships with strategic markets, offering innovative credit solutions, streamlining export operations, reducing risks, and fostering confidence in exports, re-exports, and foreign trade channels.”
Over the last few years, ECI has successfully formed around 21 cooperation agreements with government export credit agencies across the world. This expands its network of collaborations which is critical for its new initiative ‘Xport Xponential’. This initiative aims to support the growth of UAE exports and increase the diversity of the national economy while also promoting its sustainability.
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