Etihad Credit Insurance (ECI), the UAE Federal Export Credit Company, has signed a Memorandum of Understanding (MoU) with Bpifrance Assurance Export, the French Export Credit Agency, to explore, strengthen, and enhance the trade and economic cooperation between France and the UAE.
The MoU was signed by Massimo Falcioni, CEO at ECI and François Lefebvre, General Manager of Bpifrance Assurance Export. The alliance aims to give a boost to the existing trade relations between France and the UAE, and also provide a platform to identify new business opportunities and develop new partnerships in the UAE. With accessibility to a range of export credit, financing and investment insurance products, the exporting community in both countries stand to gain from this partnership.
Under this MoU, both institutions will work towards boosting their cooperation and communication in the following fields: enhancement of trade and business relations between the two countries; exploration of mutual opportunities for insurance, reinsurance, co-insurance services for export of goods in a third country, investments and services to assist and support insured exporters; facilitation of access for SMEs; mutual exchange of good practices; organization of joint events; identification of specific solutions in the export insurance field, among others.
Discussing this strategic alliance, Massimo Falcioni, CEO of ECI commented: “The UAE and France have always shared distinguished trade relations, and over the past several years, these bilateral ties have witnessed a major leap. The strategic dialogue between the two countries started in 2007 – an annual dialogue that ensures to strengthen the bilateral relations aimed at achieving their shared goals. As UAE’s Federal export credit company, it is our mandate to support local companies grow internationally by providing risk management solutions and creating an ecosystem of strategic partners. In line with this, we are pleased to sign an agreement with Bpifrance, through its subsidiary Bpifrance Assurance Export. This will pave the way for a mutual exchange of export credit solutions and financing that will benefit the local business and export community.
François Lefebvre, General Manager of Bpifrance Assurance Export, stated, “We are delighted to partner with Etihad Credit Insurance, who in a short span of time has consolidated its position as an effective export credit agency in the region. We believe this agreement, while actively boosting the bilateral trade relations, will also enhance support for the exporting community as it will give small businesses access to ECI’s unique range of trade credit solutions and services.”
The UAE is France’s second largest trade partner in the region with non-oil foreign trade at USD7,616 million in 2018, data from UAE Ministry of Economy shows. There are 600 French companies present in the UAE in different sectors.