The two export credit agencies of the UAE and Uzbekistan have agreed to support and strengthen the trade and economic alliance between the two countries by exploring and promoting joint opportunities in the field of exporting goods and services.
This comes on the heels of the UAE and Uzbekistan announcing last month that they would expand their partnership to include economic, industrial and business incubators through the implementation of 147 initiatives developed by the UAE government in Uzbekistan.
The Memorandum of Understanding signed between the Export Credit Union, which is the Credit Protection Company of the Federal Government in the UAE, and the Export and Import Insurance Company of Uzbekistan, the Export Credit Agency of Uzbekistan, will open prospects for joint strategic projects between the two export credit agencies, in addition to other areas of cooperation such as technical assistance and training. Capacity strengthening.
The memorandum of understanding was signed by Massimo Falcioni, CEO of Union Export Credit Company, and Rustam Asimov, General Manager of the Uzbekistan Export and Import Insurance Company.
This partnership aims to strengthen the existing trade relations between the UAE and Uzbekistan, and to provide a platform to explore new business opportunities and develop new cooperation relationships in the UAE. With access to a wide range of export credit, financing and investment insurance products, exporting companies operating in both countries will benefit greatly from this partnership.
According to the signed memorandum of understanding, the two parties will work closely to strengthen trade relations between the two countries, explore joint opportunities in the field of insurance, reinsurance and joint insurance services to export goods, investments and services to assist and support insured exporters, support the growth of small and medium-sized companies, exchange best practices, organize joint events. And allocating innovative solutions in the field of export protection, in addition to many other areas of cooperation.
Strong business relationships
Massimo Valcioni, Chief Executive Officer of Union Export Credit said: “The diversified resources in Uzbekistan and the continuous developments in its markets contribute to the prosperity and economic growth of the country. There have always been strong trade relations between Uzbekistan and the UAE over the years, and this alliance represents a quantum leap in the bilateral relations between the two countries. We are happy with this strategic partnership, which would open broad horizons for joint cooperation and exchange of export credit protection and financing solutions that will support the business and export community in the UAE.
For his part, Rustam Asimov, General Manager of the Uzbekistan Export and Import Insurance Company, said: We are pleased to sign this agreement with the Union Export Credit Company, as this indicates a new stage in the strategic partnership between the two countries, and reflects the successful bilateral cooperation between their leaderships. Uzbekistan and the UAE have always been keen on promoting the exchange of knowledge and experiences in various fields through joint projects completed in the past year. This new alliance is a global model for alliances that will benefit individuals and companies in the long term.
According to the report on non-oil foreign trade relations between the UAE and Uzbekistan issued by the UAE Ministry of Economy, the volume of non-oil exports and re-exported products between the two countries in 2019 amounted to more than 234.9 million dirhams for the UAE and more than 962 million dirhams for Uzbekistan.
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