DUBAI, December 8, 2021 (WAM) – In order to step up efforts to strengthen economic cooperation and boost exports internationally, Etihad Credit Insurance, the United Arab Emirates’ federal export credit company, signed a memorandum of understanding with KUKE, the official Polish export credit agency. agency.
The two national export credit agencies will work together to dramatically reduce payment risks associated with doing business not only between the two countries, but also in hundreds of other countries to which their exporters export.
With this agreement, exporters based in the United Arab Emirates and Poland will be empowered to protect their foreign claims against commercial and political risks that could result in non-payment.
ECI and KUKE will join forces to support local businesses in respective countries operating in steel and aluminum, ceramics, renewable energy, mechanics and waste management with trade finance solutions that help them to expand globally. The partnership will also focus on stimulating the growth of SMEs and mid-caps and improving halal trade by leveraging ECI’s sharia-compliant financing solutions.
Commenting on this strategic alliance, Massimo Falcioni, CEO of ECI, said: “Our collaboration with KUKE will strengthen the ten-year economic relationship between the UAE and Poland through initiatives that will mutually support exporters and companies from both. country. improve halal trade through our innovative Sharia-compliant trade credit solutions and help SMEs grow their businesses globally. ”
At the same time, Janusz Władyczak, CEO of KUKE, said: “Bilateral trade between Poland and the UAE has grown remarkably in recent years, making the UAE Poland’s largest trading partner in the Middle East. For a long time, the UAE has been the regional economic hub for our businesses in the region, and by signing an agreement with Etihad Credit Insurance, we are taking this business relationship to the next level. This will open up tremendous opportunities for companies and traders operating in a multitude of sectors in both countries to achieve significant growth.
Diplomatic relations between Poland and the United Arab Emirates began in 1989 and have grown over the past decade to evolve into a strategic partnership. The country is Poland’s key partner in the Arab world in terms of political dialogue and economic cooperation.
UAE Ministry of Economy data shows that in 2020, non-oil foreign trade between UAE and Poland reached AED4.7 billion, of which re-exports increased by 6.57 % to reach AED 248 million, compared to AED 232.7 million in 2019.