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11/11/24, 8:50 AM ECI unveils strategies to strengthen UAE's export sector - Middle East News 247
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

totalled USD 1.78 billion in 2023, showcasing a notable increase of 10.6 per cent compared to 2022. These
figures highlight the robust trade and investment relations between the two nations, as well as the presence
of several collaborative development projects in both the public and private sectors.

By the end of last year, the cumulative UAE direct investment balance in China stood at USD 4.5 billion.
Similarly, the cumulative Chinese direct investment balance in the UAE had reached USD 8.91 billion by the

end of 2023.

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