'Export credit agencies can accelerate economic recovery'
Etihad Credit Insurance CEO emphasises the role of credit agencies in supporting smaller and growing firms
The role of export credit agencies is vital to accelerate the economic recovery post-pandemic via exports, re-exports, project development and investments, said Massimo Falcioni, CEO of Etihad Credit Insurance.
Speaking at the Global Investment Forum organised by Khaleej Times, he said: “The aim of these institutions is to help companies to expand in the international trade by bridging the gap and helping companies get access to finance.”
He explained that the Etihad Credit Insurance (ECI) is the UAE’s federal export credit company that is established in line with the UAE’s 2021 Vision, which aims to implement economic diversification policies, and reduce the dependence on oil resources as a source of income. The ECI’s primary purpose as per the provisions of its statute issued by the Cabinet is to guarantee commercial and non-commercial risks associated with the export and re-export of goods and services.
“At the ECI, our role is to complement and not to compete with the private sector,” Falcioni said. “In this way, we provide support to smaller and growing firms and security to economic cycles. We are an enabler that remains committed to the domestic and regional markets. We are also an enabler of the Industrial Strategy ‘Operation 300bn’, which is a 10-year comprehensive strategy that aims to empower and expand the UAE’s industrial sector to become the driving force of a sustainable national economy, increasing its contribution to the GDP from Dh133 billion to Dh300 billion by 2031.”
He added that there are several sectors that nations have to focus on for a brighter future. These include agriculture, water treatment, renewable energies, medical & healthcare, aluminium, and steel. “An export ecosystem that is focused on the global competitiveness of products is vital for a stable and growing economy.”
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