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Etihad Credit Insurance (ECI), the federal credit insurance company of the UAE, has signed a memorandum of understanding (MoU) with China Export and Credit Insurance Corporation (Sinosure).
Two other agreements, with the Industrial and Commercial Bank of China (ICBC), and the Bank of China, were also signed by ECI during the UAE-China Economic Forum in Beijing on July 22, Gulf Today reported. These agreements are aimed at boosting trade, investments and bilateral exports between the two countries.
The forum celebrated 35 years of economic ties between the UAE and China, and was led by Sultan Bin Saeed Al Mansouri, UAE Minister of Economy and deputy chairman of ECI, and Zhong Shan, China’s Minister of Commerce.
Under the ECI-Sinosure agreement, both companies and governments will cooperate on insurance, commercial information and credit opinion-sharing, Shariah-compliant solutions, trade promotions, international investments, and programmes targeted at small and medium enterprises.
Read more: What is trade credit insurance?
“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 will also create a unique model for which other international cooperation can be based upon,” said Massimo Falcioni, ECI’s chief executive officer.
“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,” said Huang Shan, general manager of Sinosure’s international department.
