Etihad Credit Insurance and Indonesia Re, the state-owned reinsurance agency of Indonesia, have signed an MoU to boost bilateral exports and investments through their trade credit insurance, reinsurance and guarantees.
Under this agreement, the two agencies will work on easing trade and export between UAE and Indonesia, facilitating access of SMEs and Mid-caps to funding and utilizing Shariah-compliant insurance and finance solutions to grow halal trade.
Both organizations will also collaborate in enhancing business relations of the two countries, provide information on ongoing and potential new projects, and explore opportunities for insurance, reinsurance, and co-insurance for export and investments.
The two have also agreed to explore recoveries of claims to be collected in Indonesia or the UAE and share expertise and best practices in commercial underwriting, risk management, country assessment, claims and recovery.
ECI and Indonesia Re will also support strategic economic sectors such as steel and aluminum, ceramics, renewable energy, mechanical, and waste management industries.
Indonesia, which has the largest economy in Southeast Asia, is one of eight countries with which the UAE is seeking trading agreements as part of the ‘Projects of the 50’.