United Arab Emirates in Kenya to strengthen economic and trade cooperation

Officials from Etihad Credit Insurance and the Kenya National Chamber of Commerce and Industry after the signing of the MoU.

Etihad Credit Insurance (ECI), the Federal Export Credit Corporation of the United Arab Emirates and the Kenya National Chamber of Commerce and Industry (KNCCI) have entered into a strategic partnership to boost economic cooperation between the United Arab Emirates and Kenya by stimulating international trade and investment flows, as well as supporting business communities in both countries during the post-pandemic era.

The alliance was forged as a result of the “Dubai Week in Africa-Kenya” forum, which was launched earlier this year and highlighted the growing scale of trade between the UAE and African countries despite the global pandemic.

The MoU, signed by Massimo Falcioni, CEO of ECI, and Richard Ngatia, President of KNCCI, in the presence of senior officials from both institutions, aims to create prospects for improved business and investment opportunities between the two institutions.

Marked by mutual support and solidarity, the strategic partnership aims to elevate the cooperation between ECI and KNCCI to jointly explore important opportunities in trade and investment, giving new impetus to strengthen existing trade relations between United Arab Emirates and Kenya.

As part of this MoU, ECI will organize seminars and workshops to educate KNCCI members about the benefits of trade protection solutions. It will also provide market intelligence and country risk reports to highlight business and political risks associated with UAE investments and business activities.

On the other hand, KNCCI will facilitate relevant workshops, B2B meetings with qualified companies and events for the respective members, as well as the promotion of ECI’s services and products through its newsletter, website, magazine. , its direct mail and its events. It will also help ECI to collect and share information on UAE investments and exports to Kenya and assist UAE Federal Export Credit Corporation to conduct due diligence on buyers of UAE exporters. united in Kenya.

At the “Dubai Week in Africa-Kenya” forum in February this year, Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, Minister for Talent Attraction and Retention and Vice-President of Board of Directors of Etihad Credit Insurance (ECI) Trustees, said trade between the UAE and Kenya grew to $ 2.7 billion (Dh9.9 billion) in 2019, from $ 1.5 billion (Dhs 5.5 billion) in 2015, noting that Emirati investments in Kenya are equivalent to some $ 2.38 billion (Dhs8 0.7 billion) while Kenyan investments in the United Arab Emirates are valued at 63 million dollars (231.4 million Dhs).

Falcioni said: “Over the past four decades, the UAE and Kenya have maintained excellent trade and trade relations. The signing of this agreement with KNCCI could not have come at a more opportune time for UAE and Kenyan businesses. This MoU will enable Kenya to benefit from the UAE’s central role in maintaining the sustainability and trade finance of supply chains and maritime and air transport movements in global markets. “

“The UAE has become a leading global trade destination, due to the country’s leading position in many global indices related to logistics procurement, securing trade payments, facilitating doing business. , advanced port and logistics facilities, and adoption of global domain best practices. This close partnership will help to continue crucial dialogues between governments, strengthen trade between the two countries and ensure better and more secure business opportunities, ”Falcioni added.

Meanwhile, Ngatia said, “We are delighted to partner with ECI, which we believe will mark a new phase in economic ties between Kenya and the United Arab Emirates. By working closely with the United Arab Emirates Federal Export Credit Corporation and accessing in-depth intelligence and risk assessment reports, it will help unleash the potential of Kenyan businesses.

Etihad Credit Insurance was established by the Federal Government of the United Arab Emirates and its founders, the governments of Abu Dhabi, Dubai, Ras Al Khaimah, Fujairah and Ajman. The company started operations in February 2018. ECI plays a catalytic role in supporting non-oil exports, trade, investment and development of strategic sectors of the UAE, in line with the UAE’s Vision 2021 program.

The United Arab Emirates Federal Export Credit Corporation is responsible for accelerating and maintaining national economic diversification, as well as supporting the export and re-export of UAE goods, works, services and foreign investment. UAE companies as well as supporting exporters in trade through a range of export credit, finance and investment insurance products. Since 2020, in response to the country’s economic needs, it has started providing support for non-oil domestic trade credit insurance and project finance guarantees.

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