The Department of Economic Development Abu Dhabi, represented by the Industrial Development Bureau, has signed a partnership agreement with the Union Export Credit Company, which is the credit protection company of the federal government in the United Arab Emirates, with the aim of providing trade credit protection solutions for exports of industrial sector companies registered in the Emirate of Abu Dhabi, in order to enhance its competitive position and growth Its contribution to the gross domestic product of the emirate The agreement was signed at the headquarters of the Abu Dhabi Economic Media Club in the department by His Excellency Rashid Abdul Karim Al Balushi, Undersecretary of the Department, and Mr. Massimo Falcioni, CEO of the Union Export Credit Company, in the presence of a number of officials from both sides.
The gross domestic product of the Emirate of Abu Dhabi, supporting the emirate’s foreign exports, supporting the local product, empowering the industrial sector and enhancing its partnership with the public sector, in addition to enhancing the level of protection of private sector companies ’dealings with foreign markets, securing exports of the emirate’s local product in foreign markets and strengthening local supply chains. Department and Union Credit Corporation Exports, which is the entity in charge of supporting Emirati companies in the areas of export and re-export of goods, businesses, services and foreign investments, stressing the department's keenness to strengthen its partnerships with local and federal government agencies in order to enhance the complementarity of roles to advance sustainable economic development in the emirate.
His Excellency the Undersecretary of the Department added, "The industrial sector plays a pivotal role in the economic development process of the Emirate of Abu Dhabi. Therefore, through the pivotal role and the head of the Industrial Development Office, we attach special importance to supporting local factories and companies and helping them to open new markets and urging them to export their quality products and services outside the state with the need to insure these.
Exports against risks and investing in the logistical sector that achieves a guarantee for the sustainability of industrial projects in the emirate His Excellency indicated that the cooperation agreement between the two sides requires working to educate and introduce industrial establishments and local companies related to the benefits of export insurance and to inform them of how to export their products to foreign markets and insure them, thus contributing to Enhancing the activities of these facilities, supporting the business sector in Abu Dhabi, creating an investment environment and increasing exports. ”
Emphasizing this, Mr. Massimo Falcioni, CEO of Union Export Credit Company, said,“ Abu Dhabi is constantly working on creating a knowledge-based economy and enhancing the global competitiveness of the United Arab Emirates. To its contribution to increasing the volume of national non-oil exports In line with the UAE Vision 2021, Abu Dhabi Economic Vision 2030 and the UAE 2071, which are in line with the long-term objectives of the Union Export Credit Company.
He stated that the partnership with the Industrial Development Bureau focuses on strengthening and supporting efficient factories in the Emirate of Abu Dhabi by giving them competitive advantages for growth in the local and international markets, stressing his confidence that this cooperation will allow these factories to benefit from a wide range of innovative trade credit solutions provided by the Union Export Credit Company. This will help boost trade and investments, and advance sustainable economic development in the United Arab Emirates. ” The terms of the Memorandum of Understanding between the Industrial Development Office and the Etihad Export Credit Company stipulate the joint organization of introductory workshops, educational seminars and training programs to inform the owners of factories and national companies in the Emirate of Abu Dhabi about the benefits of insurance against risks and introduce the advantages of export credit documents, guarantee bonds and trade finance solutions provided by the Union Export Credit Company ».