After both nations inked a contract to shield businesses from potential commercial risks in cross-border transactions, exporters from the UAE and Kazakhstan would have easier access to Shariah-compliant insurance and trade financing.
To promote trade and foster long-term economic growth between the two nations, Kazakhstan's KazakhExport and the UAE's Etihad Credit Insurance, an export credit company, inked a memorandum of agreement.
According to the provisions of the agreement, both parties will host workshops to inform small and medium-sized businesses about the benefits of adopting trade protection solutions to reduce the risks of nonpayment coming from various commercial and geopolitical circumstances.
Based on a release, the MoU is in accordance with the "We the UAE 2031" vision, which intends to further deepen bilateral economic ties between the two nations.
The two parties are also anticipated to establish a task force to investigate additional prospects for collaboration, with a special focus on seven important sectors, including, among others, insurance, trade promotion, and initiatives to assist SMEs.
At the 13th annual Aman Union General Meeting in Dubai, the MoU was signed by KazakhExport chairman Aslan Kaligazin and ECI CEO Raja Al-Mazrouei.
“By entering into this agreement with KazakhExport, we are strengthening our dedication to enhancing the global competitiveness of businesses within the UAE and Kazakhstan,” Al-Mazrouei said,
“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,” the CEO added.
He continued by saying that ECI aims to support the UAE's economic ambitions while expanding the reach of SMEs globally.