Page 216 - MOE ENGLISH PR REPORT - JUNE 2024

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.

Havlicek said: "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 broadening its global network of partnerships with
strategic markets, offering innovative credit solutions, streamlining export operations,

https://www.khaleejtimes.com/business/uae-aims-to-boost-economic-relations-with-czech-
republic