Etihad Credit Insurance (ECI), the credit protection company of the UAE government, has taken a significant step towards fostering trade and promoting sustainable economic growth between the UAE and Kazakhstan by signing a Memorandum of Understanding (MoU) with export insurance company “KazakhExport.”
This collaboration aligns with the vision of “We the UAE 2031,” which aims to strengthen bilateral economic relations between the two countries and drive the business of exporters and small and medium-sized enterprises (SMEs) towards sustainable growth. The focus areas include renewable energy, waste management, and the manufacturing of halal products. The UAE is committed to solidifying its position as a global trade and finance hub and enhancing its attractiveness as a market for major international companies.
The MoU was signed by Raja Al Mazrouei, the CEO of Etihad Credit Insurance, and Aslan Kaligazin, the Chairman of KazakhExport, during the 13th Annual Aman Union General Meeting in Dubai. The agreement outlines the mutual commitment to providing Sharia-compliant insurance, trade credit, and export solutions to UAE and Kazakh exporters, safeguarding them against potential commercial risks in international transactions.
The partnership will also involve organizing workshops to educate SMEs about the benefits of utilizing trade protection solutions to mitigate the risks of non-payment arising from various commercial and geopolitical factors.
Raja Al Mazrouei emphasized the strategic importance of the collaboration, highlighting its role in enhancing the global competitiveness of businesses in both the UAE and Kazakhstan. He stated, “By entering into this agreement with KazakhExport, we are strengthening our dedication to enhancing the global competitiveness of businesses within the UAE and Kazakhstan. This vital partnership directly aligns with Etihad Credit Insurance’s mission to boost non-oil exports, simultaneously extending comprehensive protection to SMEs, thereby enriching the UAE’s economic diversification. As we amplify the global footprint of SMEs, we’re also bolstering the UAE’s economic aspirations. Ultimately, this agreement not only fortifies our commitment to enhancing economic and trade relationships with Kazakhstan but also paves the way for sustainable economic growth, reflecting our mutual objectives.”
As part of the MoU, Etihad Credit Insurance and KazakhExport have agreed to establish a task force to explore additional opportunities for cooperation. The task force will focus on seven strategic areas, including insurance, trade promotion, and programs to support SMEs’ businesses.
This collaboration between Etihad Credit Insurance and KazakhExport sets a strong foundation for increased trade between the UAE and Kazakhstan, promoting economic growth and enhancing the resilience of SMEs in both countries. The partnership exemplifies the commitment of both entities to foster a conducive environment for trade, provide necessary protections, and facilitate sustainable economic development. With a shared vision for the future, this collaboration opens new avenues for business opportunities and strengthens the bonds between the UAE and Kazakhstan.
