DUBAI, UNITED ARAB EMIRATES, May 20, 2022 /EINPresswire.com/ —
• The federal company Etihad Credit Insurance (ECI) of the United Arab Emirates (UAE) and the export credit bank of Türkiye Turk Eximbank, will work together to facilitate trade, export and facilitate access to insurance -credit, finance and guarantee cooperation support for projects, to be jointly undertaken by UAE and Turkish companies
• The partnership was signed at a time when the UAE and Turkey officially started talks on a Comprehensive Economic Partnership Agreement (CEPA) to strengthen trade and investment relations and intensify economic recovery and growth in the region, following the visit of the President of Turkey. , Recep Tayyip Erdogan in the UAE in February where he met His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE
• The export credit agencies of the United Arab Emirates and Turkey, within the framework of these partnerships, will support their national companies by organizing joint workshops, forums and B2B meetings, especially in growth sectors such as as steel, aluminum, health, renewable energies, chemicals, electrical appliances, mechanics and industries and food safety
• Turkey is the UAE’s seventh largest trading partner. According to data from the UAE Ministry of Economy, non-oil trade between them in 2021 increased by 82% to AED49.4 billion from the pre-pandemic level of AED27.1 billion. AED in 2019.
Etihad Credit Insurance, the Federal Export Credit Company of the United Arab Emirates, has signed a Memorandum of Understanding with the Turkish Export Credit Agency – Turk Eximbank to strengthen trade and support business relations between United Arab Emirates and Turkey. The two export credit agencies will work together to facilitate trade and export and facilitate access to credit insurance and project finance.
The signing ceremony took place in Istanbul as part of the 2022 Spring Meeting of the Berne Union, the international organization and community of leading export credit and political risk insurers.
The partnership was signed at a time when the UAE and Turkey officially started talks on a Comprehensive Economic Partnership Agreement (CEPA) to strengthen trade and investment relations and step up economic recovery and growth in the region. region, following the visit of the President of Turkey, Recep Tayyip Erdogan to the United Arab Emirates in February where he met His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates.
The agreement signed by Massimo Falcioni, CEO of ECI and Ali Güney, CEO of Turk Eximbank, will focus on improving the growth of SMEs and ETIs by facilitating tailor-made solutions in the export and the investment. It will also strive to improve halal trade by relying on Shariah-compliant insurance and financing solutions.
They will join forces to protect local exporters through several tailor-made credit insurance, reinsurance and co-insurance solutions.
In addition, public export credit agencies will endeavor to facilitate trade and export for their domestic companies by organizing joint B2B workshops, forums and meetings, especially in growing sectors such as steel, aluminium, health, renewable energies, chemicals, electrical appliances. in addition to mechanical industries, as well as food safety.
Falcioni said: “This agreement will usher in a new era of increased commercial relations and exceptional investment opportunities for companies in the United Arab Emirates and Turkey. Improving economic and commercial horizons through close partnerships will result certainly through a doubling of trade volume and greater stability for both countries. This will also boost the future Comprehensive Economic Partnership Agreement between the countries and support the UAE’s strategy to double the size of its economy and reinforce the country’s progressive vision for the next 50 years.
CEPA is expected to double bilateral trade between the countries from the current AED50.32 billion. It will also help add certainty to economic recovery as the world faces immense challenges from rising food price volatility and soaring inflation due to chain disruption. supply and the continued impact of the global pandemic.
Meanwhile, the CEO of Turk EximBank said, “By collaborating with the Federal Export Credit Corporation of the United Arab Emirates, we look forward to strengthening our local and international trade as well as instilling confidence in our export community. business with ideal insurance protection. Together, we will also explore the prospects for joint projects in fast-growing sectors such as renewable energy, strengthening efforts to build a more sustainable world.
Turkey is the UAE’s seventh largest trading partner. According to data from the UAE Ministry of Economy, non-oil trade between them in 2021 increased by 82% to AED49.4 billion from the pre-pandemic level of AED27.1 billion. AED in 2019.
In November last year, the UAE established an AED36.73 billion fund to support investment in Turkey to increase support for the Turkish economy with a focus on strategic sectors such as energy, health and food security.
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