DUBAI, UAE – Etihad Credit Insurance (ECI), the UAE Federal export credit company, has signed an MoU with export Insurance company KazakhExport to enhance trade and support sustainable economic growth between the UAE and Kazakhstan.
The MoU is in line with the We the UAE 2031 vision aimed at strengthening bilateral economic relations between the two countries, driving the business of exporters and small and medium-sized enterprises (SMEs) towards prospects for sustainable growth.
The aim is to enhance economic ties in renewable energy, waste management, manufacture of halal products between the two countries.
It is also as per the UAE’s continuous efforts to cement its position as a global hub for trade and finance, and to enhance its role as an attractive market for major international companies.
The MoU was signed by Raja Al Mazrouei, Chief Executive Officer of ECI, and Aslan Kaligazin, Chairman of KazakhExport during the 13th Annual Aman Union General Meeting in Dubai.
The two parties agreed to provide Sharia-compliant insurance, trade credit and export solutions to UAE and Kazakh exporters to protect them from potential commercial risks in international dealings.
It will also allow both parties to cooperate in organizing workshops aimed at educating SMEs on the advantages of using trade protection solutions to mitigate the risks of non-payment resulting from several commercial and geopolitical factors.
Raja Al Mazrouei emphasized the strategic significance of the partnership, stating, “By entering into this agreement with KazakhExport, we are strengthening our dedication to enhancing the global competitiveness of businesses within the UAE and Kazakhstan.”
He said, “This vital partnership directly aligns with ECI’s mission to boost non-oil exports, simultaneously extending comprehensive protection to SMEs, thereby enriching the UAE’s economic diversification. As we amplify the global footprint of SMEs, we’re also bolstering the UAE’s economic aspirations.”
He added, “Ultimately, this agreement not only fortifies our commitment to enhancing economic and trade relationships with Kazakhstan but also paves the way for sustainable economic growth, reflecting our mutual objectives.”
As part of the MoU, it was also agreed by Etihad Credit Insurance and KazakhExport to form a task force to explore more opportunities for cooperation, with a focus on seven strategic areas, including insurance, trade promotion and programs for supporting SMEs’ business.
UAE is Kazakhstan’s largest trading partner in the region; the total trade exchange between them exceeded about US$632.6 million at the end of 2022, and exports from the UAE to Kazakhstan amounted to about US$72.3 million.