UAE’s Federal Credit Insurance Company Signs MoU With South Africa’s Export Credit Agency

According to the UAE Ministry of Economy statistics, the non-oil foreign trade between the two countries recorded a significant rise of 23 per cent in 2017, from USD2.6 billion in 2016 to USD3.2 billion. The report also highlighted that during the first five months of 2018, the non-oil trade between the two countries increased marginally to USD1.2 billion from USD1.1 billion for the corresponding period in 2017.

In June this year the South Africa-UAE Forum organised by the UAE Ministry of Economy, Etihad Credit Insurance (ECI), the UAE Federal Credit Insurance Company signed a Memorandum of Understanding (MoU) with the Export Credit Insurance Corporation (ECIC), the South African Export Credit Agency that aims to explore, strengthen and enhance the bilateral trade and economic relations between the two countries.

The Forum’s mission is to connect exporters and government officials with an opportunity to interact, offer market intelligence, network and establish business opportunities between the UAE and the Republic of South Africa.

This ECI-ECIC partnership focuses on enhancing trade and investments, supporting business relations between the Republic of South Africa and the UAE. It allows the exchange of information and the sharing of best practices for proficient cross-border trade. The agreement will also explore opportunities for insurance, coinsurance for export, share commercial and credit information on buyers, facilitate funds access for SME’s and mid-cap companies, and enhance trade with a focus on Halal industry through Sharia’ compliant finance solutions.

Under this MoU, both institutions will come together to form a cooperative task force to explore trade, technical and economic collaborations that are based on the defined areas of interest. These include SME programmes; investment and globalisation; market intelligence and business practices; insurance, co-insurance collections; and trade shows, events, and forums.

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