Page 39 - ECI PR REPORT - NOVEMBER 2024

11/11/24, 8:49 AM Latest News

November 7, 2024: Etihad Credit Insurance (ECI), the UAE’s federal export credit company, participated in

the 40th edition of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2024). Held
from November 4 to 7, 2024, under the patronage of H.H. Sheikh Mohamed bin Zayed Al Nahyan, the

President of the UAE, the event served as an ideal platform for ECI to showcase its robust strategies aimed
at bolstering the competitiveness of the UAE’s export sector, in the presence of representatives from the

Republic of India and the People's Republic of China.

During the exhibition, ECI participated in two roundtable discussions, one with representatives from India,
and the second one with representatives from China, which were organised by the Ministry of Industry and
Advanced Technology (MoIAT). Both the discussions, chaired by H.E. Omar Al Suwaidi, the Undersecretary

of MoIAT, were attended by key partners of the ministry, including Taziz, Khalifa Economic Zones Abu Dhabi
(KEZAD Group), Emirates Development Bank (EDB), Abu Dhabi National Oil Company (ADNOC), Abu Dhabi

Investment Office (ADIO), Dubai Internet City (DIC), and Ras Al Khaimah Economic Zone (RAKEZ).

Majed Julfar, Director of Trade Credit Insurance and Export Financing at ECI, delivered a presentation to

India’s representatives, followed by another presentation to China’s representatives. He further leveraged
these key sessions to highlight ECI’s strategic policies and vision aimed at supporting UAE’s export sector,

as well as its notable achievements in this domain.

Julfar reiterated the importance of the ‘Comprehensive Economic Partnership Agreement’ between the UAE
and India, which came into effect in May 2022, opening up new trade opportunities between the two nations.

Moreover, the agreement has either removed or reduced custom tariffs on more than 80 per cent of products,
contributing to an increase in UAE exports to India. He underscored the integral role of such agreements in
consolidating the UAE’s position as one of India’s key trading partners, especially since bilateral non-oil trade

value between the two nations reached an estimated AED 284 billion in 2022. He also shared his optimism
regarding the economic benefits of the partnership.

Julfar stated that China is the UAE's top global trading partner, accounting for 11.2 per cent of the UAE’s non-

oil trade. Meanwhile, in the first half of 2024, the value of the UAE’s trade with China reached USD 42.2
billion, leading to a growth rate of 3 per cent compared to the same period in the previous year. He also

underscored the importance of bolstering bilateral trade relations between the two nations, across vital
domains like technology, renewable energy, and tourism, to drive sustainable development.

He presented various indicators and statistics that validate the growth of mutual investments between the
UAE and China. In 2023, the UAE’s direct investment in China doubled, reaching USD 2.2 billion, with a

significant rise of 129 per cent compared to the previous year. Meanwhile, Chinese investments in the UAE

https://www.arabbnews.com/english/Latest-News.asp?id=17844 2/3