The UAE Federal export credit company, Etihad Credit Insurance (ECI), and the export insurance firm "KazakhExport" have signed a memorandum of understanding (MoU) to promote commerce and foster sustainable economic growth between the two countries. The MoU is in line with the "We the UAE 2031" vision, which aims to strengthen bilateral economic ties between the two nations, encourage exporters and small and medium-sized enterprises (SMEs) to pursue opportunities for sustainable growth in the production of halal goods, renewable energy, and waste management, as part of the UAE's ongoing efforts to solidify its position as a major international centre for trade and finance.
During the 13th Annual Aman Union General Meeting in Dubai, the MoU was signed by H.E. Raja Al Mazrouei, Chief Executive Officer of ECI, and Aslan Kaligazin, Chairman of KazakhExport.
The two parties decided to offer UAE and Kazakh exporters trade financing, export solutions, and insurance that complies with Sharia in order to safeguard them from potential business hazards in cross-border transactions.
H.E. Raja Al Mazrouei, CEO of Etihad Credit Insurance, 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.