Etihad Credit Insurance (ECI), the UAE Federal export credit company, has partnered with ECGC , the premier export credit agency of India, to explore and bolster the trade and economic cooperation between the UAE and India.
In a Memorandum of Understanding (MoU) signed by Mr Massimo Falcioni, CEO of ECI and Mr M Senthilnathan, chairman-cum-managing director of ECGC, the two agencies are set to collaborate and create prospects for mutual strategic projects, as well as offer a platform to identify new business opportunities and develop new partnerships in the UAE and India.
With accessibility to a range of export credit, financing and investment insurance products, businesses and exporters in both countries stand to gain from this partnership.
As part of the MoU, both institutions will work towards boosting their cooperation and communication in the following fields: enhancement of trade and business relations between the two countries; exploration of mutual opportunities for insurance, reinsurance, co-insurance services for export of goods in a third country, investments and services to assist and support insured exporters; facilitation of access for SMEs; mutual exchange of good practices; organisation of joint events; and identification of specific solutions in the export insurance field, among others.
Highlighting the importance of this strategic alliance, Mr. Falcioni said, “The UAE and India have always had strong economic relations, with trade ties seeing major leaps over the past years. Signing this agreement with ECGC further reflects our shared goal of propelling businesses in our respective countries to greater heights. This MoU will bring about an important mutual exchange of export credit solutions and financing that will benefit the export community in both countries.”
Meanwhile, Mr Senthilnathan, said, “This will enhance our participation in joint projects thereby giving businesses access to a wide range of export credit solutions offered by ECI and ECGC.”
India’s Ministry of External Affairs in February 2020 reported that trade between the UAE and India is valued at around $60bn a year, making the UAE India’s third largest trading partner and second largest export destination in 2018 to 2019.