An MoU signed three years ago between the export credit companies of the UAE and Italy is lending strength toward building a Halal corridor between the two nations. VINEETA TAN has the details.
The UAE’s Etihad Credit Insurance (ECI) and SACE, the Italian export credit company, shared that the agreement finalized in 2018 have yielded positive results particularly in bolstering trade and enhancing sustainable development projects.
“Our partnership with SACE began in 2018, and it has played a strategic and important part in ECI’s role as a major catalyst in supporting UAE’s non-oil exports, trade, investments and strategic sectors development,” shared Massimo Falcioni, CEO of ECI, adding: “Through ECI’s Shariah compliant trade credit solutions, we have progressed significantly on the ‘Halal Route’, a global corridor initiated for Halal certified businesses from both countries to trade with confidence and get easy access to trade finance.”
This comes on the backdrop of a reported 53% surge in trade volume between the two nations to US$9.92 billion in 2020, despite the pressures of COVID-19, making Italy one of the UAE’s top 10 largest trade partners.
Building on the success of the partnership, the two export credit agencies will also be jointly supporting Berne Union, the London-based international non-profit association for the global export credit and investment insurance industry to, among others, address sustainable development in emerging markets.
ECI and SACE also confirmed that they are jointly exploring ways to boost the flow of goods, services and investment capital through the provision of insurance and guarantees against political and commercial risks.