Page 244 - MOE ENGLISH PR REPORT - JUNE 2024

6/28/24, 4:53 PM UAE enjoys growing and developing economic relations with Czech Republic: Minister of Economy
Guarantee and Insurance Corporation (EGAP) to create a framework for bilateral

reinsurance obligations and provide insurance facilities to companies within the UAE

and the Czech Republic, contributing to the promotion of bilateral trade between the

two countries during the next phase. 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.

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