Page 229 - MOE ENGLISH PR REPORT - JUNE 2024

6/28/24, 4:48 PM UAE enjoys growing and developing economic relations with Czech Republic: Minister of Economy
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 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.

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