Page 219 - MOE ENGLISH PR REPORT - JUNE 2024

“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 broadening its global network of partnerships with
strategic markets, offering innovative credit solutions, streamlining export operations,
reducing risks, and fostering confidence in exports, re-exports, and foreign trade
channels.”

The Agreement demonstrates Etihad Credit Insurance’s steadfast dedication to
enhancing cooperation with export credit agencies. Over the past few years, Etihad
Credit Insurance has successfully formed around 21 cooperation agreements with
government export credit agencies across the globe. This move further helps to
broaden the ECI’s network of collaborations, which is a crucial component of the
recently introduced strategic initiative ‘Xport Xponential.’ This initiative aims to support
the growth of UAE exports and increase the diversity of the national economy while also
promoting its sustainability.

EGAP is a specialised state-owned credit insurance company that focuses on the
insurance of non-marketable commercial risks associated with exports of goods and
services from the Czech Republic. The company’s primary focus lies in providing bank
loans with a maturity of more than two years in order to finance the export of energy,
machinery, technological systems, investment projects and transport constructions.

Meanwhile Etihad Credit Insurance (ECI), the UAE’s federal export credit company,
participated in TXF Global 2024 conference, organised by Exile Group in Athens,

https://www.gulftoday.ae/business/2024/06/24/uae-enjoys-growing-economic--relations-with-
czech-republic