Etihad Credit Insurance (ECI) and KazakhExport have entered into a significant Memorandum of Understanding (MoU) aimed at strengthening trade relations between the United Arab Emirates (UAE) and Kazakhstan. The MoU, signed during the 13th Annual Aman Union General Meeting in Dubai, aligns with the UAE’s vision to enhance bilateral economic ties and promote sustainable growth.
The agreement between Etihad Credit Insurance, the UAE’s Federal export credit company, and KazakhExport, the Export Insurance company of Kazakhstan, aims to provide trade and export solutions to UAE and Kazakh exporters. By offering Sharia-compliant insurance and trade credit, the two parties seek to safeguard exporters from potential commercial risks associated with international transactions.
One of the key objectives of the partnership is to support small and medium-sized enterprises (SMEs) and educate them about the benefits of utilizing trade protection solutions. Workshops will be organized to help SMEs mitigate the risks of non-payment resulting from various commercial and geopolitical factors.
Raja Al Mazrouei, CEO of Etihad Credit Insurance, emphasized the strategic importance of the collaboration, stating that the agreement strengthens their commitment to enhancing the global competitiveness of businesses in both the UAE and Kazakhstan. The partnership aligns with Etihad Credit Insurance’s mission to boost non-oil exports, provide comprehensive protection to SMEs, and contribute to the UAE’s economic diversification goals.
The MoU also establishes a task force comprising representatives from Etihad Credit Insurance and KazakhExport. This task force will explore further opportunities for cooperation in strategic areas such as insurance, trade promotion, and support programs for SMEs.
The UAE is currently the largest trading partner of Kazakhstan in the region, with the total trade exchange exceeding approximately US$632.6 million by the end of 2022. UAE exports to Kazakhstan alone accounted for about US$72.3 million during the same period. This partnership between ECI and KazakhExport will further strengthen trade ties and open up avenues for increased economic cooperation.
The agreement reflects the UAE’s commitment to positioning itself as a global trade and finance hub and attracting major international companies. It also aligns with the UAE’s vision for sustainable economic growth, particularly in sectors such as renewable energy, waste management, and the manufacturing of halal products.
By fostering collaboration and offering trade protection solutions, ECI and KazakhExport aim to create a favorable environment for businesses, facilitate cross-border trade, and contribute to the long-term economic development of both countries. This partnership marks an important step forward in realizing the shared objectives of the UAE and Kazakhstan and strengthening their trade relationship.
