Following the Lord Mayor of London’s visit to the Etihad Credit Insurance, an MoU was signed between ECI and UK Export Finance to boost confidence in trade and investment between the UAE and the UK
Dubai, (Pakistan Point News - 22nd January, 2019) Etihad Credit Insurance (ECI), the UAE Federal export credit company, has signed a Memorandum of Understanding (MoU) with UK Export Finance (UKEF), the UK government’s export credit agency, to encourage greater confidence amongst traders and investors by enhancing the trade relations as well as boosting investment opportunities between the UK and the UAE.
The MoU was signed following a high-level meeting between Massimo Falcioni, Chief Executive Officer of ECI, and The Rt. Hon. The Lord Mayor of the City of London, Alderman Peter Estlin. The meeting was attended by distinguished officials of the UK government including Her Majesty’s Consul General Andrew Jackson; Her Majesty’s Deputy Consul General Mehdi Taher; William Elliott, Senior Account Manager of Economic Development Office; David Moleshead, Senior Counsellor of UK Export Finance; and Duncan Sparkes,Senior Programme Manager of Mansion House; alongwith senior officials of ECI. The MoU, which reinforces the UAE’s non-oil diversification strategy, will focus on collaborations in export credit policies and practices, projects and other areas of mutual interest. During the MoU signing, The Rt. Hon. The Lord Mayor of the City of London Alderman Peter Estlin met with the ECI officials to highlight the crucial role that export credit agencies play in growing international trade. The MoU signing is seen as a step towards strengthening the long-standing relationship shared by the UAE and the UK, and in the long-run boost trade and investment between the two countries. Alderman PeterEstlin said: “I am pleased to be present at and witness the landmark MoU signing between ECI and UK Export Finance. Through this collaboration, both countries will be able to explore the exchange of expertise and solutions in trade finance that will be mutually beneficial. This has also served to endorse the UK’s strong economic fundamentals, and to discuss the investment landscape of the UK as well as the latest updates on the EU exit. We hope the signing of this Memorandum will not only strengthen the relationship between the two countries but also serve to motivate the UAE to continue regarding the UK as a natural partner and source of expertise in the development of the sector.” The MoU was signed by Massimo Falcioni, Chief Executive Officer of ECI, and Louis Taylor, Chief Executive Officer of UK Export Finance; and witnessed by The Lord Mayor of the City of London Alderman Peter Estlin. Massimo Falcioni said: "The MoU reflects the close cooperation between ECI and UK Export Finance in trade and export credit, which will help UAE businesses expand locally as well as globally. ECI is committed to assisting exporters and investors explore business with the UK with its consistent support and comprehensive solutions catered for the UAE businesses. Under the MoU, both the countries will mutually collaborate in the areas of export credit, structured finance, trade finance as well as render support and co-operation in certain projects. It will not only be instrumental in advancing and sustaining UAE’s national economic non-oil diversification programmes but also in helping both the countries take concrete steps in exchanging expertise in the financial and professional services sector.” David Molesheadsaid: “The UK and the UAE have strong trading ties and the signing of this MOU between ECI and UKEF will strengthen that relationship, providing greater links between our two countries. UK Export Finance has been impressed by the ambition of the UAE companies it has collaborated with to date and looks forward to expanding our joint relationship. This newagreementwill allow for the exchange of expertise in trade finance and export credit solutions, which will benefit trade and investment in both the UK and the UAE.” Data from the UAE Ministry of Economy shows that in 2017 the non-oil foreign trade between the UAE and UK was valued at AED37.97 billion, of which 34 per cent were non-oil exports and re-exports standing at AED1.89 billion and AED11.16 billion, respectively. Both countries are channelling their focus towards the use of big data, artificial intelligence, machine learning, and sustainable energy, amongst others, which will serve to further strengthen, develop and sustain their partnership in the long run.
