Etihad Credit Insurance (ECI), the UAE’s federal export credit company, signed a Memorandum of Understanding (MoU) with KUKE, Poland’s official export credit agency, to expand economic cooperation and global exports.
The two-state export credit agencies will work together to significantly reduce the payment risks involved with doing business not only between the two countries but also in the other countries to whom they export. With this agreement, UAE and Poland-based exporters will be able to protect their foreign receivables against commercial and political risks that could result in non-payment.
ECI and KUKE will collaborate in supporting local businesses in the respective countries operating in steel and aluminum, ceramics, renewable energy, mechanical, and waste management with trade finance solutions that help them grow on a global scale.
The partnership will also focus on accelerating the growth of Small and Medium-sized Enterprises (SMEs) and mid-caps and improving halal trade by leveraging ECI’s Shariah-compliant finance solutions.
Janusz Władyczak CEO – KUKE
“The bilateral trade between Poland and the UAE has seen remarkable growth in recent years, making the UAE the top trading partner of Poland in the Middle East. For a long time, UAE has been the regional economic hub for our companies in the region, and by signing an agreement with ECI, we are taking this trade relationship to the next level. It will open up tremendous opportunities for businesses and traders functioning in a multitude of sectors in both countries to achieve significant growth.”
Diplomatic ties between Poland and the UAE began in 1989 and have grown in the last decade to evolve into a strategic partnership. The country is Poland’s key partner in the Arab world in terms of political dialogue and economic cooperation. Data from the UAE Ministry of Economy shows that in 2020, the non-oil foreign trade between the countries reached $1.3 billion, in which re-exports rose 6.57 percent to $67.5 million from $63.3 million in 2019.
Commenting on this strategic alliance, Mr. Massimo Falcioni, CEO of ECI, said that “Our collaboration with KUKE will strengthen the decade-long economic relations between the UAE and Poland through initiatives that will mutually support exporters and businesses communities in both countries.”
