ECI, SINOSURE, ICBC and Bank of China MoU signing ceremony/Supplied
The federal credit Insurance company will collaborate with each of these organisations in exploring and enhancing trade as well as economic cooperation between the UAE and China.
Thursday 25, July 2019 BY KUDAKWASHE MUZORIWA
Etihad Credit Insurance (ECI) has signed partnership agreements with China Export and Credit Insurance Corporation (SINOSURE), Industrial and Commercial Bank of China (ICBC) and Bank of China to boost trade, investments and bilateral exports between the UAE and China.
Under the agreement between ECI and SINOSURE, both countries agreed to collaborate in the areas of insurance and co-insurance, commercial information and credit opinion sharing as well as Shari’ah-compliant solutions, trade promotions and SME programmes.
Additionally, the partnership agreements with ICBC and Bank of China cover mutual cooperation in the areas of trade credit insurance—both conventional and Murabahah and export financing.
ECI stated that these alliances will strengthen its position in the global marketplace as well as create opportunities that both countries will generate in terms of investments and trade.
The federal credit insurance company become the first Export Credit Agency (ECA) to partner simultaneously with China’s three major state-owned financial institutions.
Massimo Falcioni, the CEO of ECI said that these landmark partnership agreements signed with China’s top financial institutions will not only widen trade and export related opportunities between the two countries but also create a unique model for which other international cooperation can be based upon.
According to the Ministry of Economy, China is the UAE’s main non-oil commodities trade partner accounting for 9.7 per cent of the non-oil bilateral trade in 2018, estimated at over $43 billion.