Etihad Credit Insurance, KazakhExport Ink MoU To Boost Trade Ties Between UAE And Kazakhstan

DUBAI, (UrduPoint / Pakistan Point News / WAM - 13th Jun, 2023) Etihad Credit Insurance (ECI), the credit protection company of the UAE government, 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 in the fields of renewable energy, waste management, and the manufacture of halal products, within 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 organising 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 emphasised 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.

"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.

"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," he added.

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 programmes 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.