Etihad Credit Insurance, ECI, the UAE federal credit insurance company, has signed three strategic Memoranda of Understanding, MoUs, with China Export and Credit Insurance Corporation, SINOSURE, the Industrial and Commercial Bank of China, ICBC, and the Bank of China aimed at boosting trade, investments and bilateral exports between the UAE and China.
These alliances will strengthen the position of ECI in the global market, as well as create opportunities that both countries will generate in terms of investments and trade.
The agreements were signed during the UAE-China Economic Forum held in Beijing on 22nd July, 2019, as part of the three-day state visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces to China.
The Economic Forum, celebrating 35 years of close relationships between the UAE and China, was chaired by Sultan bin Saeed Al Mansouri, Minister of Economy and Deputy Chairman of the ECI Board of Directors, and Zhong Shan, China’s Minister of Commerce.
The MoUs were signed on separate ceremonial occasions by Massimo Falcioni, CEO of ECI, with Huang Shan, General Manager, International Department, SINOSURE; Zhang Junguo, General Manager, ICBC Dubai (DIFC) Branch; and Zhou Jianjun, General Manager of the Bank of China, Dubai Branch; and witnessed by Dr. Ali Obaid Al Dhaheri, Ambassador of the UAE to the People’s Republic of China, and other senior officials from the organisations.
Under the agreement with SINOSURE, both countries will collaborate in the areas of insurance and co-insurance, commercial information and credit opinion-sharing, Shariah-compliant solutions, trade promotions, international investments, and SME programmes. The MoUs with ICBC and the Bank of China cover mutual cooperation in the areas of trade credit insurance, both conventional and Murabaha, and export financing.
Falcioni said, “Through commonly agreed-upon goals and objectives, these landmark partnership agreements signed by ECI with China’s top financial institutions will not only widen trade and export-related opportunities between the UAE and China but also create a unique model for which other international cooperation can be based upon.”
“With our partnership with ECI, SINOSURE will be able to access ECI’s comprehensive range of trade credit insurance solutions and specialist advisory services that will help SMEs and local companies in their global expansion and growth plans,” Shan stated.
Junguo said, “Our alliance with ECI will open more doors for local businesses and help in the mutual exchange of solutions and services that will be mutually beneficial for companies in the UAE and China.”
“This partnership with ECI will enable us to substantially increase our support for local businesses through a shared range of commercial and investment banking services,” he added.
The total bilateral trade between the UAE and China amounted to US$60 billion in 2018. The two countries are keen to expand economic cooperation with bilateral trade to achieve $70 billion in 2020.