Page 48 - ETIHAD CREDIT INSURANCE PR REPORT - JUNE 2024

6/25/24, 1:31 PM UAE enjoys growing and developing economic relations with Czech Republic: Minister of Economy – The Gulf Time Newspaper
UAE enjoys growing and developing economic relations

with Czech Republic: Minister of Economy

DUBAI/WAM

Etihad Credit Insurance (ECI), the UAE Federal export credit company, inked a strategic partnership agreement with the
Export Guarantee and Insurance Corporation (EGAP) to create a framework for bilateral reinsurance obligations and provide
insurance facilities to companies within the UAE and the Czech Republic, contributing to the promotion of bilateral trade
between the two countries during the next phase.
The agreement was signed by Abdullah bin Touq Al Marri, Minister of Economy and Chairman of ECI Board of Directors, and
David Havlicek, Chairman of the Board of EGAP.
Bin Touq said, “The UAE enjoys growing and developing economic relations with the Czech Republic, where the two countries
have succeeded in their joint efforts to build sustainable and diversified partnerships and agreements in many economic and
investment sectors. The new partnership agreement with EGAP complements these efforts as it comes within the framework
of the distinct economic partnership between the two countries.

“The agreement will promote the creation of new economic prospects between the two exporters’ communities in the two
countries and contribute to the consolidation of common economic relations, thereby supporting the establishment of the UAE
as a global partner and attractive and influential economic centre by the next decade in light of the goals of the ‘We the UAE
2031’vision.”
The agreement calls for robust cooperation across a broad spectrum of duties, such as addressing risks related to sovereign
and quasi-sovereign debtors, explore innovative avenues in improving flexibility for private sector debtors, and offering
insurance facilities for export agreements that are in accordance with the official guidelines of the Organisation for Economic
Co-operation and Development (OECD) Arrangement on Officially Supported Export Credits.
Furthermore, this agreement cultivates a strong foundation for bilateral cooperation in areas of common interest, which is
beneficial to both countries’ export and foreign trade industries.
David Havlicek, stated, “We are confident that this agreement will contribute to advancing trade and investment between the
two countries in the coming period. Providing export credit solutions to Czech and UAE companies will undoubtedly boost
their confidence and security, encouraging them to expand the scope of their mutual business and investments. We will work
side by side with our partners in the UAE to guarantee the success of this agreement and maximise its benefits.”

Raja Al Mazrouei, CEO of Etihad Credit Insurance, said, “This agreement aligns with ECI’s steadfast commitment to
https://gulftime.ae/uae-enjoys-growing-and-developing-economic-relations-with-czech-republic-minister-of-economy/ 1/2